1. Suppose that you borrow $20,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan.

2. Suppose that you decide to buy a car for $26,635, including taxes and license fees. You saved $6000 for a down payment and can get a four-year car loan at 7.27%. Find the monthly payment and the total interest for the loan.

3. The price of a home is $190,000. The bank requires a 5% down payment and onepoint at the time of closing. The cost of the home is financed with a 15-year fixed-rate mortgage at 6.5%.

a. Find the required down payment.

b. Find the amount of the mortgage.

c. How much must be paid for the onepoint at closing?

d. Find the total interest over 15 years, to the nearest dollar.