39. Kim Jenson wants to buy some furniture for her new apartment. A local store offered credit at an APR of 16%, with a maximum term of 4 years. The furniture she wishes to purchase costs $2800, with no down payment required. Using the table below, make the following calculations: (HINT: Notice the table is for $1.000 increments, so you will need to multiply to get to $2800) (6 pts) a. What is the amount of the monthly payment if she borrowed for 4 years? FRIBUR FEESTTEETTISET What are the total finance charges over that 4 year period? C. How would the payment change if Kim reduced the loan term to 3 years? d. What are the total finance charges over the 3 year period? e. How would the payment change if she could afford a down payment of $500 (for the 4 year financing period)? f. What are the total finance charges over the 4 year period given the $500 down payment? Table 39. Monthly installment Payments (Principal & Interest) Required to Repay $1000 Number of Monthly Payments f. What are the total finance charges over the 4 year period given the $500 down payment? Table 39. APR Monthly Installment Payments (Principal & Interest) Required to Repay $1000 Number of Monthly Payments 122436486072 84 $86.07 $44.32 $30.42 $23.49 $19.33 $16.57 $14.61 $86.99 $45.23 $31.34 $24.41 $20.28 $17.53 $15.59 $87.92 $46.14 $32.27 $25.36 $21.25 $18.53 $88.85 $47.07 $33.21 $26.33 $22.24 $19.55 $17.65 $89.79 $90.73 $91.68 $92.63 $48.01 $48.96 $49.92 $50.90 $34.18 $35.16 $36.15 $37.16 $27.33 $28.34 $29.37 $30.43 $23.27 $24.32 $25.39 $26.49 $20.61 $21.69 $22.81 $23.95 $18.74 $19.86 $21.02 $22.21