1) Assume you just bought a new car and now have a car loan to repay. The amount of the principal is $22,000, the loan is at 5.9% APR, and the monthly payments are spread out over 6 years. What is the loan payment?

A) $305.56

B) $363.57

C) $331.14

D) $297.70

2) You just bought a car and took out a loan for $30,000 and are scheduled to make monthly payments for 6 years at an annual rate of 3.9% APR. Suppose you add $132.01 each month to the contracted monthly car payment. This extra amount is applied to the principal. How long will it take you to pay off your loan of $30,000?

A) It will take just over 54 months.

B) It will take just over 45 months.

C) It will take just over 38 months.

D) It will take just over 30 months.

It would be great if the answer included calculation. !