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You agree to purchase a car for $3,000(paid today) plus a loan in the amount...

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Finance

You agree to purchase a car for $3,000(paid today) plus a loan in the amount of $35,000 payable over 48 months at a contractual rate of interest of 5%. Your payments will be due monthly, at the end of the month. The competitive price of the car is $36,500 and your personal competitive market rate of interest (for the risks you pose as a borrower) is 6%.
How much value did you destroy in the transaction? (In other words, by how much did you overpay?)[Show your answer in dollars and cents; do not round interim calculations; if you come up with a negative amount, show with a minus sign, show excel formulas if possible]

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