Problem
A college student in her senior year is considering purchasing a new car. The price of the car is $18,500, the sales tax is 8%, and the title, license, and registration fee is $450. The dealer has an innovative financing program for new college graduates that starts with a small monthly payment and the payments will gradually increase. The dealer offered to finance 90% of the price of the car for 48 months at a nominal interest rate of 9% per year, compounded monthly. The first payment is $200 and each successive payment will increase by a constant dollar amount ‘x.'
(a) How much is the constant amount "x"?
(b) How much is the 48th payment?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.