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Background information: Car purchase cost: $35.000 Sum of Fuel and Maintenance Cost at End of Year 1: $1,600 Incremental increase in Fuel and Maintenance Cost

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Background information: Car purchase cost: $35.000 Sum of Fuel and Maintenance Cost at End of Year 1: $1,600 Incremental increase in Fuel and Maintenance Cost after Year 1: $400/year e Fuel and Maintenance Cost at End of Year 2 is $1,900. End of Year 3 is $2,300, and so on), Express all answers to the nearest dollar, ta). 13 pt.) Suppose that you can get a car loan at 7% interest.compounded monthly for a term of 60 months. You put down $5,000 and you finance the remaining $30,000. What is the monthly payment ($/month (b). 12 pt.) Suppose that the dealer asks you how much you are willing to pay per month. You say you're willing to pay $550 per month The dealer says, great! We can do that! And quotes you the following loan: $511.47 per month for 72 months. How much are you going to pay in interest for this loan (5) (c), (3 p.) What is the present worth of the fuel and maintenance costs (5) if we assume an effective annual interest rate of 2 percent compounded annually Base your calculation on a lifetime of 10 years

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