math
posted by mimi on .
A man agrees to pay $450 per month for 48 months to pay off a car loan. If interest of is charged at 12% compounded monthly, how much did the car originally cost?

12/12 = 1% per month
total paid = 450 * 48 = 21,600
21,600 = x (1.01)^48
x = 13,397.62