Your car requires $$5$K in cash up front and $$300$ in monthly loan payments for the next $3$ years,

starting next month at $3$ percent APR, compounding monthly. How much is your car worth?

$($Hint: assume that the car is worth the present value of the cash and the loan. When you apply

the annuity formula to the car loan, remember to adjust the interest rate and term of the loan

from annual to monthly.$)($time value, slide $29)$