We know a car costs 60 monthly payments of $199. The car dealer has set us a

Question:

We know a car costs 60 monthly payments of $199. The car dealer has set us a nominal interest rate of 4.5% compounded daily. What is the purchase price of the car?

Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...