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You purchase a car worth $32393 and make a down payment of $3250. You intend to repay the balance of the car with month end

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You purchase a car worth $32393 and make a down payment of $3250. You intend to repay the balance of the car with month end car payments of $321 for 5 years and a final "buyout" at the end of 5 years. Money can earn 4.40% compounded semi-annually. What is the value of the final buyout? Answer: $4,040.10 X The correct answer is: $ 14750.61

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