Compute the amount of the monthly payment on a $5-$year, $$43,000$ car loan with an annual interest rate of $6\%.$

Principal: $$43,000$

Term $1$: $5$ years

Interest rate: $6\%$

Payments per year: $12$

Term $2$: $6$ years

Required:

a$.$ Compute the amount of each of the monthly car payments assuming the annual interest rate is $6\%,$ and the term of the loan is $5$ years. My answer: $$831\mathrm{.}31$

b$.$ Compute the amount of each of the monthly car payments assuming the annual interest rate is $6\%,$ and the term of the loan is $6$ years. My answer: $$712\mathrm{.}63$

c$.$ How much total interest is paid over the life of the car loan assuming the loan term is $5$ years? Use an excel formula.

d$.$ How much total interest is paid over the life of the car loan assuming the loan term is $6$ years? Use an excel formula. Compute the amount of the monthly payment on a $5-$year, $$43,000$ car loan with an annual interest

rate of $6\%.$

a$.$ Compute the amount of each of the monthly car payments assuming the annual

interest rate is $6\%,$ and the term of the loan is $5$ years.

b$.$ Compute the amount of each of the monthly car payments assuming the annual

interest rate is $6\%,$ and the term of the loan is $6$ years.

c$.$ How much total interest is paid over the life of the car loan assuming the loan term

is $5$ years?

d$.$ How much total interest is paid over the life of the car loan assuming the loan term is $6$ years?

Formula must return a positive value.

e$.$ How much additional interest is paid as a result of increasing the term of the loan by one year?