Applications Business and Economics Answers to odd-numbered problems are in the textbook (page A-7). Your solutions should show that you know how to find the correct answers. For word problems, include English-language explanations. 41. Miguel buys a car costing $14,000. He agrees to make payments at the end of each monthly period for 4 years. He pays 7% interest, compounded monthly. (a) What is the amount of each payment? (b) Find the total amount of interest Miguel will pay Student borrowers now have more options to choose from when selecting repayment plans. The standard plan repays the loan in up to 10 years with equal monthly payments. The extended plan allows up to 25 years to repay the loan. Suppose that a student borrows $65,000 at 5.05% compounded monthly. Source: U.S. Department of Education. 46. Find the monthly payment and total interest paid under the standard plan over 10 years. Ans. Each monthly payment is $691.02. Total payments: $82,922.40. Interest: $17,922.40. 47. Find the monthly payment and total interest paid under the extended plan over 25 years