You agree to purchase a car for $$3,000($paid today$)$ plus a loan in the amount of $$35,000$ payable over $48$ months at a contractual rate of interest of $5\%.$

Your payments will be due monthly, at the end of the month. The competitive price of the car is $$36,500$ and your personal competitive market rate of

interest $($for the risks you pose as a borrower$)$ is $6\%.$

How much will you owe after one$-$and$-$a$-$half years of payments? $[$Show your answer in dollars and cents; do not round interim

calculations$]$

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