Item$10$

$8\mathrm{.}33$

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Problem $06-02$

You are an officer of a commercial bank and wish to sell one of the bank's assets$$a car loan$$to another bank. Using the following equation, compute the price you expect to receive for the loan if the annual interest rate is $6$ percent, the car payment is $$430$ per month, and the loan term is five years.

Instructions: First, find the monthly rate in decimal form and round to $5$ digits. Use that value to calculate the value of the car loan. Enter your final answer as a whole number.

PV$=($C$/$i$)[11(1+$i$)$n$]$

$=$ $