Based on the cost of the car and the interest rate, the amount Tracy is to pay is $638.41.
The cost of the car is the present value of an annuity because Tracy's payment will be constant.
First find the monthly rate:
= 11% / 12 months
= 0.92%
The number of periods:
= 3 x 12 months
= 36 months
Amount to be paid is:
19,500 = Amount x (1 - ( 1 + 0.92%) ⁻³⁶) / 0.92%
Amount = 19,500 / 30.544874328
= $638.41
Find out more on the present value of an annuity at https://brainly.com/question/25792915.
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