after careful comparison shopping, drew redding decides to buy a new toyota camry. with some options added, the car has a price of $23,558 including plates and taxes. because he cant afford to pay cash for the car, he will use some savings and his old car as a trade in to put down $8,500. he plans to finance the rest with a $15,058, 60 month loan at a simple interest rate of 4 percent.

a. what will his monthly payments be?

b. how much interest will Drew pay over the full (60-month) life of the loan?

c. what is the APR of the loan?