assume the car costs $27,999+tax

A2. Assume a 12% down payment. Calculate the monthly loan payment on the remaining amount (total price - 12% down payment) if paid monthly over 5 years. Assume a car loan rate of 8% compounded monthly. (10 marks) You can refer to your notes if you choose to do the calculations by hand. Otherwise, the following format, may help refresh your memory of the calculator functions for this step: Set your BAll Plus Calculator to END. Set your P/Y = 12 for monthly payments Set your C/Y = 12 for monthly compounding PV = The initial amount of your car loan (= purchase price-down payment) FV = Zero (in the future your loan balance will be completely repaid) N = 60 (5 years x 12 monthly payments) 1/Y = 8 CPT PMT= Your monthly loan payment