John has decided that he wants a newer car. So, he headed to the dealership, and rather than purchasing a model with 0% interest, the salesman encourages him to look at some of the new model year vehicles, with the statement, “With the 5.9% interest, it’s just pennies more a day.” John decides to purchase one of the newer model year vehicles. The increased cost is within $1000 of the old model year, so why not? His total purchase price ended up being $28998, including tax, tag, and title. He decided on a 5 year loan, and the interest is compounded daily.

3. How much will he pay throu

Question

John has decided that he wants a newer car.  So, he headed to the dealership, and rather than purchasing a model with 0% interest, the salesman encourages him to look at some of the new model year vehicles, with the statement, “With the 5.9% interest, it’s just pennies more a day.”  John decides to purchase one of the newer model year vehicles.  The increased cost is within $1000 of the old model year, so why not?  His total purchase price ended up being $28998, including tax, tag, and title.  He decided on a 5 year loan, and the interest is compounded daily.


3. How much will he pay throu