Suppose Bev Mickelson is in the market to purchase a new car. Bev can afford to spend $500 per month, but she decides it is best to buy an inexpensive car now and use what is left of the $500 to save for a more expensive car later. These savings will earn an effective annual rate of 9 percent interest. Suppose she decides to borrow $15,000 to buy a car today. The loan is for forty-eight months at a 7.8 percent APR. Also assume that in three years she will sell this car for $4,500.

How much money will Bev have for her new car after paying off the old one assuming that all payments and compounding occur monthly? (Do not consider sales or income taxes in the calculations.)