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The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]

The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]

Loan Type 30-Year Mortgage 15-Year Mortgage New Car Loan Used Car Loan Credit Cards
Rate 3.03% 2.30% 9.20% 9.45% 13.99%

You purchased a new car using a 5-year $25,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.)

$

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