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You financed a car at a 7% annual interest rate. At the end of five years, you paid a total of 37,869.90. What was the purchase price of the car? Round to the nearest penny.The purchase price of the car was

Solution

You financed a car at a 7% annual interest rate. At the end of five years, you paid a total of 37, 869.90. What was the purchase price of the car? Round to the nearest penny.The purchase price of the car was

Solution

Principal : 28051.78

Solution steps

Translate the problem into an equation:

37869.9 = P (1 + 0.07 \cdot 5)

Solve for

P, 37869.9 = P (1 + 0.07 \cdot 5) : P = 28051.78

Principal : 28051.78

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