Terry has just purchased a new car, which had a list price of $16,825. She had to pay 7.19% sales tax, a $1,128 vehicle registration fee, and a $190 documentation fee. Terry traded in her previous vehicle, a 2003 Honda Element in
good condition to use as a downpayment. The dealer paid full price for her trade in. She financed the rest of the cost
over five years at an interest rate of 10.59%, compounded monthly. What is her principal payment per month?
(Round all dollar values to the nearest cent.)
Honda Cars in Good Condition
Model/Year
2000
2001
2002
2003
Element
$5,887
$6,080
$6,225
$6,622
Odyssey
$8,450
$8,693
$8,928
$9,224
Insight
$4,384
$4,661
$5,006
$5,440
Accord
$6,356
$6,626
$6,817
$7,114
a $416.83
b. $190.00
C. $218.16
d. $274.20