A Compute the amount of the monthly payment on a 5-year, $34,500 car loan with an annual interest rate of 10%. 2 3 4 Principal 5 Term 1 Interest rate 7 Payments per year 8 Term 2 9 $34,500 5 years 10% 12 6 years 10 Required: 11 12 13 14 15 16 17 18 19 20 21 22 a. Compute the amount of each of the monthly car payments assuming the annual interest rate is 10%, and the term of the loan is 5 years. b. Compute the amount of each of the monthly car payments assuming the annual interest rate is 10%, and the term of the loan is 6 years. c. How much total interest is paid over the life of the car loan assuming the loan term is 5 years? d. How much total interest is paid over the life of the car loan assuming the loan term is 6 years? e. How much additional interest is paid as a result of increasing the term of the loan by one year? 23 Students: The serata