3. Compute the monthly payments for a vehicle that costs $13,900 if you financed the entire purchase over four years at an annual interest rate of 6.5 percent. Also calculate the loan payments assuming rates of 5.5 percent and 7.5 percent. Compare the total amount spent on the vehicle under each assumption. Click on the table icon to view the MILPF table 1. The monthly payments for a vehicle that costs $13,900 if you financed the entire purchase over four years at an annual interest rate of 6.5 percent is $ The total amount spent on the vehicle if financed for four years at an annual rate of 6.5 percent is $ (Round to the nearest cent.) The monthly payments for a vehicle that costs $13,900 if you financed the entire purchase over four years at an annual interest rate of 5.5 percent is $ The total amount spent on the vehicle if financed for four years at an annual rate of 5.5 percent is $ (Round to the nearest cent.) The monthly payments for a vehicle that costs $13,900 if you financed the entire purchase over four years at an annual interest rate of 7.5 percent is $ The total amount spent on the vehicle if financed for four years at an annual rate of 7.5 percent is $ Compare the total amount spent on the vehicle under each assumption. (Select the best choice below.) (Round to the nearest cent.) (Round to the nearest cent.) (Round to the nearest cent.) (Round to the nearest cent.) A. The higher the interest rate on the loan, the higher the monthly payment and the higher the total amount of interest paid on a loan. Shopping for the lowest-cost financing available can significantly reduce interest costs as reflected in the monthly payments and total cost for the vehicle. B. The higher the interest rate on the loan, the higher the monthly payment and the higher the amount of principal repayment on a loan. Shopping for the lowest-cost financing available can not significantly reduce interest costs as reflected in the monthly payments and total cost for the vehicle.