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( a ) Upon entering college, you purchase the car of your dreams for $ 2 6 0 0 0 . You pay $ 5

(a)Upon entering college, you purchase the car of your dreams for $26000. You pay $5200 down and finance the balance for 4 years at 7% compounded monthly . Your monthly payments are $498.09. Set up the spreadsheet to display the outstanding balance for each month for 4 years. As a checkpoint, you should get $16931.98 just after your 10th payment.
How much is still owed on the loan just after 30 payments.$
Find the size of the last payment. $
How much interest in total did you spend on the car? $
(b)If you decided to get a 3 year loan instead of a 4 year loan the payments will be $642.25. What will be the total saving in interest from getting a three year loan instead of a 4 year loan?(Note: you do not need a spreadsheet to answer this question.) $
(c)If you decided to get a 5 year loan,the payments will be $411.87. Determine the total amount of interest that will be paid on a 5 year loan $

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