1. Suppose that Liam is interested in purchasing a new car that costs $35,600. He is able to make a down payment of $5,600 and he has been approved by his bank to finance the remaining balance at a rate of 5.2% per year compounded monthly. (a) What will his monthly payment be if the car is financed over a period of 48 months? Solve using the appropriate formula: write the formula that is needed, fill in the formula with the corresponding numbers, and solve. Round the final answer to two decimal places and include units. (b) What will his monthly payment be if the car is financed over a period of 72 months? Solve using a TVM solver: fill in the information that is typed into the solver. Round the final answer to two decimal places and include units. N = 1% = PV = PMT = Final Answer: FV = P/Y = C/Y = PMT: End (c) How much more will he pay in total interest if the car is financed over a period of 72 months instead of 48 months? Show work. Use the rounded answers from parts (a) and (b) in your calculations. Include units with your final answer.

1. Suppose that Liam is interested in purchasing a new car that costs $35,600. He is able to make a down payment of $5,600 and he has been approved by his bank to finance the remaining balance at a rate of 5.2% per year compounded monthly. (a) What will his monthly payment be if the car is financed over a period of 48 months? Solve using the appropriate formula: write the formula that is needed, fill in the formula with the corresponding numbers, and solve. Round the final answer to two decimal places and include units. (b) What will his monthly payment be if the car is financed over a period of 72 months? Solve using a TVM solver: fill in the information that is typed into the solver. Round the final answer to two decimal places and include units. Final Answer: (c) How much more will he pay in total interest if the car is financed over a period of 72 months instead of 48 months? Show work. Use the rounded answers from parts (a) and (b) in your calculations. Include. units with your final