1) You are buying a car for $37,925 and are able to make a 20% down payment. The remaining balance will be financed for 5 years at 6.58% APR. Determine each of the following:

a) Your monthly payment

b) Total cost of your car

c) Total interest you will pay over the life of the loan

d) You want to be sure to budget for any car-related expenses that might occur. Besides the monthly payment, your car insurance for 6 months is $586.12 and you estimate the fuel cost per month will be $145. You also want to set aside $1,030 per year for repairs and maintenance. How much should you budget per month for car expenses?

2) Aunt Sally offers to lend you $3,500 at 6% interest for that new home theater system you have been wanting. If you pay her back $100 per month, how long will it take to pay Aunt Sally back the money? How much will you end up paying her in the long run?

3) John wants to purchase a new boat that is $32,800 and has been preapproved for a 6-year fixed-rate loan at 5.75% annual interest. If John pays 20% of the purchase price as a down payment, determine the following:

a) The amount of the down payment John will put down.

b) The monthly payment for his new boat.

c) The total amount paid for the boat.

d) The amount of interest paid over the life of the loan.

4) Jennifer purchased a new smart TV that cost $1,250 for her living room using a credit card with an APR of 13.85%. How long will it take Jennifer to pay off the TV is she makes monthly payments of $56? How much will she end up paying for the TV? How much interest did she pay?