Your neighbour just bought a new car.She made a $5,000 down payment followed by payments of $530 at the end of each month for 7 years.The interest rate is 2% compounded monthly.What is the cash price (selling price) of the car?

a)

$37,164.56

b)

$46,511.86

c)

$36,511.86

d)

$45,859.16

e)

$41,511.86

Formulas and Calculator Instructions Provided PMT = PV xi PV PMT PV xi PMT PMI OF PV Dye PMT 1+/ FV = PV(1+1)" FV PV = (1+1)" To switch between payments at the beginning/end of the interval: . Press 2ND BGN (above the PMT key). The display should show END or BGN. . Press 2ND SET (above the ENTER key). The display should show BGN or END. Press CE/C (bottom left corner) or 2ND QUIT (top left corner) to exit the worksheet