1. A car loan for $27,500 has an interest rate of 6.25% and is amortized over 60 months. What is the monthly payment on the loan?
   1. $534.85
   2. $451.52
   3. $465.16
   4. $512.18
2. Same facts as #1 above. What is the balance of the loan after 3 years of payments?
   1. $15,468
   2. $8,299
   3. $12,037
   4. $10,575.72
3. Same facts as #1 above. How long would it take to pay off 60% of the loan?
   1. About 38 months
   2. Just under 44 months
   3. About 59 months
   4. About 49 months