Century Sc... 12 Final Task: Now that you have your interest rate, you can start crunching the numbers. Answer the following questions below using the formula we learned in class. You can use the "Insert equation" function through google to show all your work, or you can hand write it and insert a pic. To receive credit you must show all your work 1. a) Calculate your monthly payments with the interest rate you found above. Assume the loan is for 5 years. I Answers b) How much money does the bank make from this car loan? 2. a) Calculate your monthly payments with the interest rate you found above. Now the loan is for 3 years. Answert b) How much money does the bank make from this car loan? Answer: 3. a) Now calculate your monthly payment if you chose to pay off the loan in 2 years? I Answer: b) How much money would you save by paying off the loan in 2 years? Answer: Conclusion: Which loan would be best for you? Explain your reasoning and use the numbers you found above: (Type out your response below) Century Sc... 12 Final Task: Now that you have your interest rate, you can start crunching the numbers. Answer the following questions below using the formula we learned in class. You can use the "Insert equation" function through google to show all your work, or you can hand write it and insert a pic. To receive credit you must show all your work 1. a) Calculate your monthly payments with the interest rate you found above. Assume the loan is for 5 years. I Answers b) How much money does the bank make from this car loan? 2. a) Calculate your monthly payments with the interest rate you found above. Now the loan is for 3 years. Answert b) How much money does the bank make from this car loan? Answer: 3. a) Now calculate your monthly payment if you chose to pay off the loan in 2 years? I Answer: b) How much money would you save by paying off the loan in 2 years? Answer: Conclusion: Which loan would be best for you? Explain your reasoning and use the numbers you found above: (Type out your response below)