A $13,000 car is purchased with a 9%-per-year loan with payments of $300 per month. Determine how many payments must be made to pay off the loan. (Round your answer to the nearest whole number.) x payments You can lease a 13,000 car for $300 per month. For how long (to the nearest year) should you lease the car so that your total cost is lower than if you were purchasing it with a 9%-per-year loan? You should lease the car for years or less. Need Help? Read It Submit Answer [1/3 Points] DETAILS PREVIOUS ANSWERS WANEFMAC7 3.3.503.XP. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER We suggest the use of the finance functions in the TI-83/84 Plus or amortization tables in a spreadsheet. You take out an adjustable rate mortgage for $100,000 for 20 years. For the first 5 years, the rate is 5%. It then rises to 7% for the next 10 years, and then 8% for the last 5 years. What are your monthly payments in the first 5 years, the next 10 years, and the last 5 years? (Assume that each time the rate changes, the payments are recalculated to amortize the remaining debt if the interest rate were to remain constant for the remaining life of the mortgage. Round your answers to the nearest cent.) payments for the first 5 years $ 659.96 payments for the next 10 years $ X payments for the last 5 years $ X Need Help? Read It