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While buying a new car, Thomas made a down payment of $1,100.00 and agreed to make month-end payments of $290.00 for the next 4 years
While buying a new car, Thomas made a down payment of $1,100.00 and agreed to make month-end payments of $290.00 for the next 4 years and 8 months. If he was charged an interest rate of 2.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent.
a. What was the cost of the car when Thomas purchased it?
b. What was the total amount of interest paid over the term?
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