You just bought a car and your MONTHLY payments are $500. You got a six year loan from your local bank at a rate of 4.5% annually How much did you pay for the car? Reference the below formulas when solving the problem above: PV=FV/(1+r)t FV=PV(1+r)t FVA=PMT(((1+r)t)1)/r FVA=PMT((1+(r/12)t(12))1)/(r/12) PV =PMT(((1(1+r)t)/r)) PVA =PMT((1(1+(r/12))t(12)))/(r/12)