Calculate the payments based on financing the balance for $48,60,$ and $72$ months using the rates that are listed below.

AMOUNT TO BE FINANCED $=$ $$51,621$

Payment Frequence$-$Monthly

$48$ Months$-$

$7\mathrm{.}75\%-$INITIAL RATE

$8\mathrm{.}75\%-+1\%$

$9\mathrm{.}75\%-+2\%$

$10\mathrm{.}75\%-+3\%$

$60$ Months

$7\mathrm{.}85\%-$INITIAL RATE

$8\mathrm{.}85\%-+1\%$

$9\mathrm{.}85\%-+2\%$

$10\mathrm{.}85\%-+3\%$

$72$ Months

$8\mathrm{.}35\%-$INITAIL RATE

$9\mathrm{.}35\%-+1\%$

$10\mathrm{.}35\%-+2$

$11\mathrm{.}35\%-+3\%$

Calculate total interest paid. Answer the following questions.

Hint: Total int. paid $=($monthly payment$)($number of payments$)$ Amount borrowed

How much total additional interest over the life of the loan will the person who finances the vehicle for $72$ months pay versus the person who finances the vehicle for $48$ months?

How much total additional interest over the life of the $48$ month loan must a person pay who has weaker credit and is required to pay the $+3\%$ rate versus a person who receives the lowest current interest rate?