Mathematics, 20.04.2020 22:07 nastja

Three years ago, Michael bought a car for $11,000. To do so, he had to take out a $1,500 loan for a down payment. Last year, the car needed work done and he had to take out an additional $900 loan. The bank charged him an annual interest rate of 9.41% on each loan. He has not paid back either loan yet – he plans to do so when he sells his car, which he now wants to do! What price should he list the car for if he wants to make a profit of $500? (Round to the nearest dollar) SHOW ALL OF YOUR WORK.

Does anyone know the answer?? Plz help

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Three years ago, Michael bought a car for $11,000. To do so, he had to take out a $1,500 loan for a...