Compute the monthly payments for a vehicle that costs

$11,900

if you financed the entire purchase over

4

years at an annual interest rate of

7.50

percent.Also, calculate the loan payments assuming rates of

6.50

percent and

8.50

percent. Compare the total amount spent on the vehicle under each assumption.

Note: Round intermediate computations to at least five(5) decimal places.

Click on the table icon to view the Monthly Installment Loan Payment Factor(MILPF) table:

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Part 1

The monthly payments for a vehicle that costs

$11,900

if you financed the entire purchase over

4

years at an annual interest rate of

7.50%

is

$enter your response here.

(Round to the nearestcent.)