You intend to purchase a new car upon graduation in two years.It will have a cost of $29 371, including all extra features and sales tax.You just received a $3000 pre-graduation gift from your uncle that you intend to deposit in a money market account that pays 6% interest, compounded monthly.If you use the amount in the money market account for a down payment, and take out an auto loan for the remainder, how much will you need to borrow? (Round to the nearest dollar.)
A)$29 371
B)$25 880
C)$26 371
D)$26 000

Question

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The Answer of You intend to purchase a new car upon graduation in two years.It will have a cost of $29 371, including all extra features and sales tax.You just received a $3000 pre-graduation gift from your uncle that you intend to deposit in a money market account that pays 6% interest, compounded monthly.If you use the amount in the money market account for a down payment, and take out an auto loan for the remainder, how much will you need to borrow? (Round to the nearest dollar.)
A)$29 371
B)$25 880
C)$26 371
D)$26 000

You Intend to Purchase a New Car Upon Graduation in Two