Annuity & Amortization Do Worth=4 Annuity is part of the process of Amortization, so just one question on Amortization 12a 4 Amortization: Car Loan A person buys a new car for $25,000, with 10% down and the rest financed through an amortized loan at 7%, compounded monthly for 5 years a) What is the monthly loan payment? b) Assume all payments are made, find the total amount paid.