The cash price of the car includes the amount of the loan plus the amount of the down payment Cash price=the loan of the car+down payment
First find the amount of the loan by using the formula of the present value of an annuity ordinary which is Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)] Pv the amount of the loan ? PMT payment per month 355 R interest rate 0.071 K compounded monthly 12 N time 5years Pv=355×((1−(1+0.071÷12)^(−12 ×5))÷(0.071÷12)) =17,885.56