1. Buying a new car is often seen as a "rite of passage for many new graduates. It is a sign that they have become independent adults. According to Park Mazda in Edmonton, you can purchase this Mazda Miata for $31,026. If you were to borrow the entire purchase price and pay it off monthly over 6 years at an interest rate of 7% per year, compounded monthly, what would your monthly payments be? Multiple Choice $732.85 $43114 O $654.96 $528.96