Compute the monthly payments for a vehicle that costs $$17,200$ i

f you financed the entire purchase over $4$ years at an annual interest rate of $7\mathrm{.}00$ percent. Also, calculate the loan payments rates of $600$ percent and $800$ 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

The monthly payments for a vehicle that costs $$17,200$ if you financed the entire purchase over $4$ years at an annual interest rate of $700\%$ is $ $($Round to the nearest cent$)$

The total amount spent on the vehicle if financed for $4$ years at an annual rate of $7\mathrm{.}00\%$ is $ $($Round to the nearest cent$)$

The monthly payments for a vehicle that costs $$17,200$ if you financed the entire purchase over $4$ years at an annual interest rate of $600\%$ is $ $($Round to the nearest cent.$)$

The total amount spent on the vehicle if financed for $4$ years at an annual rate of $6\mathrm{.}00\%$ is $ $($Round to the nearest cent$)$

The monthly payments for a vehicle that costs $$17,200$ if you financed the entire purchase over $4$ years at an annual interest rate of $800\%$ is $$.($Round to the nearest cent$)$

The total amount spent on the vehicle if financed for $4$ years at an annual rate of $8\mathrm{.}00\%$ is $ $($Round to the nearest cent$)$

Compare the total amount spent on the vehicle under each assumption. $($Select the best choice below.$)$

A$.$ The higher the interest rate on the loan, the higher the monthly payment and the higher the amount of principal repayment on a loan Shopping for the lowest$-$cost financing available significantly reduce interest costs as reflected in the monthly payments and total cost for the vehicle.

B$.$ The higher the interest rate on the loan, the higher the monthly payment and the higher the total amount of interest paid on a loan. Shopping for the lowest$-$cost financing available c reduce interest costs as reflected in the monthly payments and total cost for the vehicle.