Compute the monthly payment and the total amount spent for a vehicle that cost $16,900 if you finance the entire purchase over 5 years at an annual rate of 8.50%. Calculate the payment if you finance the car for only 4 years. Finally, calculate the payment for 3 years. What do you notice about the payment under the different time assumptions?

3.14 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7 500 Monthly Installment Loan Tables ($1,000 loan ith interest payments compounded monthly) 6 12 18 24 30 36 48 60 72 84 168,62 85.15 57.33 43.42 35.08 29.52 22.58 18.42 15.65 13.67 168.74 85.26 57.44 43.54 35.19 29.64 22.69 18.53 15.76 13.78 168.86 85.38 57.56 43.65 35.31 29.75 22.80 18.64 15.87 13.90 168.98 85.49 57.67 43.76 35.42 29.86 22.92 18.76 15.99 14.02 169.11 85.61 57.78 43.87 35.53 29.97 23.03 18.87 16.10 14.13 169.23 85.72 57.89 43.98 35.64 30.08 18.99 16.22 14.25 169.35 85.84 58.01 44.10 35.75 30.20 23.26 19.10 16.34 14.37 169.47 85.95 58.12 44.21 35.87 30.31 23.37 19.22 16.46 14.49 169.60 86.07 58.23 44.32 35.98 30.42 23.49 19.33 16.57 14.61 169.72 86.18 58.34 44.43 36.09 30.54 23.60 19.45 16.69 14.73 169.84 86.30 58.46 44.55 36.20 30.65 23.71 19.57 16.81 14.85 169.96 86.41 58.57 44.66 36.32 30.76 23.83 19.68 16.93 14.97 170.09 86.53 58.68 44.77 36.43 30.88 23.95 19.80 17.05 15.09 170.21 86.64 58.80 44.89 36.55 30.99 24.06 19.92 17.17 15.22 170 23 58 01 86 76 15 on 26 66 2 21 11 2119 17 20 15 24 96 12.19 12.31 12.42 12.54 12.66 12.78 12.90 13.02 13.14 13.26 13.39 13.51 13.63 13.76 12 AA | |- 5.00% 5.25% 550% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 875% 9.00% 169 11 169.23 169.35 169.47 169.60 169.72 169.84 169.96 17009 170.21 170.33 17045 170.58 170.70 170.82 170.95 171.07 85.61 85.72 85.84 8595 86.07 86.18 86.30 86.41 86.53 86.64 86.76 86.87 86.99 87.10 87.22 87.34 87.45 57.78 57.89 58.01 58 12 58.23 58.34 58.46 58.57 588.68 58.80 58.91 59.03 59 14 59.25 59.37 59.48 43.87 4398 44 10 44.21 44.32 44 43 4.55 44.66 477 4.89 45.00 45 11 45.23 45 34 45.46 45.57 45.68 35 53 35.64 35.75 35.87 35.98 36.09 36 20 36 32 36.43 36.55 36.66 36.77 36.89 37.00 37.12 37.23 37.35 2997 30.08 30 20 30.31 30 42 3054 30.65 30.76 1308 30.99 3111 3122 31.34 31.45 31.57 31.68 31.80 2303 23.14 23 26 2337 23.49 23.60 23.71 23.83 23.95 24.06 24.18 24.30 24.41 24.53 24.65 24.77 24.89 18.87 18.99 19 10 19.22 1933 19.45 1957 19.68 1980 19.92 20.04 2016 20.28 20.40 20.52 20.64 20.76 16.10 16.22 16.34 16.46 16.57 16.69 16.81 16.93 17.05 1717 17.29 17.41 17.53 17.66 17.78 17.90 18.03 14.13 14.25 14.37 14.49 14.61 14.73 14.85 14.97 15.09 15.22 15.34 15.46 15.59 15.71 15.84 15.96 16.09 12.66 1278 12.90 13.02 1314 13.26 13.39 13.51 13.63 13.76 13.88 14.01 1414 14.26 14.39 14.52 14.65 ||| 59.60 |