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Amy Phillips needs to borrow $20,000 to purchase a new car. She can get a 3-year loan from her bank with an interest rate of

Amy Phillips needs to borrow $20,000 to purchase a new car. She can get a 3-year loan from her bank with an interest rate of 7% (compounded monthly). Calculate Amy's monthly payment.

Also how much interest (in dollars) will Amy pay over the life of the loan?

Lastly, if Amy got a 5-year loan instead of a 3-year loan, how much interest (in dollars) would she pay over the life of the loan?

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