Exercise B-9 (Algo) Present value of an annuity LO P3 Dave Krug finances a new automobile by paying $7,400 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Monthly Payment Table Values are Based on: Present Value of Loan n = i = Present Value of Table Factor Loan Cash Down Payment Cost of the Automobile