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Answer the following questions If you want to buy a car for $36,915 and your down payment is 7% at an interest rate of 4.82%,

Answer the following questions

  1. If you want to buy a car for $36,915 and your down payment is 7% at an interest rate of 4.82%, what is your monthly payment (to the nearest cent) for a 60-month loan?
  2. Using goal seek and to the nearest cent, which minimum down payment is required to make the monthly payment from Question 3 $583?
  3. If the loan length from the previous question changes to 24 months, what is the total interest paid to the nearest cent?
  4. If a person has a credit score of 610, what is their expected interest rate to the nearest percent?
  5. What is the total interest paid to the nearest cent if the car costs $36,915, your down payment is $0, and your credit score is 610 on a 60-month loan with monthly payments? Assume your interest rate is the expected rate.
  6. A credit score company advertises it can increase a credit score by 30 points for a fee of $500. How much (to the nearest cent) will you save in interest compared to the scenario from the previous question if you pay for the credit score increase?

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