A recent college graduate buys a new car by borrowing $16,000 at 7.2%, compounded monthly, for 4 years. She decides to pay an extra $15 per payment.

(a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) (b) How much does she decide to pay each month? (Round your answer to the nearest cent.) (c) How many payments (that include the extra $15) will she make? (Round your answer up to the next whole number.) (d) How much will she save by paying the extra $15? (Round your answer to the nearest cent.)

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Some banks now have biweekly mortgages (that is, with payments every other week). Compare a 20-year, $140,000 loan at 8.1% by finding the payment size and the total interest paid over the life of the loan under each of the following conditions. (Round your answers to the nearest cent.)

(a) Payments are monthly, and the rate is 8.1%, compounded monthly.

Payment size -

Total interest -

(b) Payments are biweekly, and the rate is 8.1%, compounded biweekly. (Assume a standard 52-week year.)

Payment size -

Total interest -

A recent college graduate buys a new car by borrowing $16,000 at 7.2%, compounded monthly, for 4 years. She decides to pay an extra $15 per payment. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ 386.63 x How much does she decide to pay each month? (Round your answer to the nearest cent.) $ 401.63 x (b) How many payments (that include the extra $15) will she make? (Round your answer up to the next whole number.) x payments (c) How much will she save by paying the extra $15? (Round your answer to the nearest cent.) $ X Need Help? Read It Submit Answer -14 Points] DETAILS HARMATHAP11 6.5.036.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Some banks now have biweekly mortgages (that is, with payments every other week). Compare a 20-year, $140,000 loan at 8.1% by finding the payment size and the total interest paid over the life of the loan under each of the following conditions. (Round your answers to the nearest cent.) (a) Payments are monthly, and the rate is 8.1%, compounded monthly. payment size $ total interest $ (b) Payments are biweekly, and the rate is 8.1%, compounded biweekly. (Assume a standard 52-week year.) payment size $ total interest $ Need Help? Read It Master It