Carmen is taking out an amortized loan for

$32,000 to buy a new car and is deciding between the offers from two lenders. She wants to know which one would be the better deal over the life of the car loan, and by how much. Answer each part. Do not round intermediate computations

.

(a)	Her credit union has offered her a 5-year car loan at an annual interest rate of 6.5%. Find the monthly payment.
	$
(b)	An online lending company has offered her a 7-year car loan at an annual interest rate of 6.5% Find the monthly payment.
	$
(c)	Suppose Carmen pays the monthly payment each month for the full term. Which lender's car loan would have the lowest total amount to pay off, and by how much?
	Credit union
	The total amount paid would be less than to the online lending company.
	Online lending company
	The total amount paid would be less than to the credit union.