Question 3 HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $3,700 down payment and signed a note that calls for 36 payments of $1,043.00 at the end of each month. The stated rate of interest in the note is 4%. As an incentive for entering into the contract, Trans has agreed to forgive the first two payments under the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 2 decimal places, e.g. 5,275.25.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

(a)

What was the purchase price of the used truck excluding the incentive given?

Purchase price of the used truck

$Enter your answer in accordance to the question statement

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