17).

a.b.

Use the following formula. nt r 1 + - n -1 A= r n Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below. a. What will you save in annual fuel expenses by owning a hybrid car averaging 40 miles per gallon rather than an SUV averaging 16 miles per gallon? $ (Round to the nearest dollar as needed.) b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 5.2% compounded monthly, how much will have saved at the end of four years? $ (Round to the nearest dollar as needed.) Suppose that you decide to buy a car for $25,635, including taxes and license fees. You saved $7000 for a down payment and can get a four-year car P n loan at 7.14%. Use PMT = to find the monthly payment and the total interest for the loan. - nt 1- 1 The monthly payment is $ (Round to the nearest cent as needed.) The total interest for the loan is $ (Round to the nearest cent as needed.)