(a)Upon entering college, you purchase the car of your dreams for $35000. You pay $7000 down and finance the balance for 4 years at 8% compounded monthly . Your monthly payments are $683.57. Set up the spreadsheet to display the outstanding balance for each month for 4 years. As a checkpoint, you should get $22879.21 just after your 10th payment.

How much is still owed on the loan just after 35 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 $877.42. 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 $567.74. Determine the total amount of interest that will be paid on a 5 year loan $