1.In this scenario you will calculate the monthly payment and total interest paid on a car loan.Suppose that you need $15,000 to buy a used vehicle to get back and forthto work and school.You have $7,500 in a money market fund earning 1.00% per year, but you are not sure you want to use any or all of that money.

Using the tables in Exhibit 1-D, located on pp. 42-43 in the Ch. 1 Appendix of Focus on Personal Finance, determine thetotal amount of payment due at the end of each year, and divide by 12 to estimate themonthly payment for each of the following loan scenarios.Also, calculate the total amount of interest you would pay over the life of each loan.Be sure to show your work for opportunities to earn partial credit, where applicable.

For example, if you have the correct formula but put a decimal in the wrong spot you could earn partial credit. The first row in the table has been completed to demonstrateyou how work can be shown.

Loan Amount

Interest Rate

Term

Monthly Loan Payment= Amount Borrowed divided by "Table Factor in Exhibit 1-D" divided by 12

Total Amount of Interest= (Monthly Loan Payment * Term * 12) - Loan Amount

$7,500

6%

3 years

Example:

7500/2.673=2,805.84

2,805.84/12=233.82

Example:

(233.82*3*12) - 7,500=917.52

$7,500

6%

5 years

Example:

7500/4.212=1,780.63

1,780.63,60/12=148.38

Example:

(148.38*5*12) - 7,500 = 1,402.02

$10,000

6%

5 years

$15,000

6%

5 years

I just need a little help, I can't see the figures. I need it by Friday, April 6th.