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Clarabelle bought a used car for $3500. She was to pay for the car in 12 equal monthly
installments, beginning at the time of purchase. The interest rate charged by the car dealer was
12 percent compounded monthly. Immediately after making the sixth payment, she decided to
sell the car to Clarence, who agreed to pay off the outstanding amount of the loan and also pay
her the sum of $500. If there were no penalties for retiring the loan earlier than expected, how
much did the car cost Clarence?
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