1. Suppose that you decide to buy a car for $30,635, including taxes and license fees. You saved $9000 for a down payment and can get a five-year car loan at 6.32%.

The monthly payment is?

The total interest for the loan is

(Round to the nearest cent as needed.)

2. f a three-year car loan has the same interest rate as a six-year car loan, how do the monthly payments and the total interest compare for the two loans?

Part 1

The monthly payments for the three-year car loan will be

less than

greater than

the same as

the monthly payments for the six-year car loan. The total interest for the three-year car loan will be

less than

greater than

the same as

the total interest for the six-year car loan.