Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $16,000 at a rate of 7%/year compounded monthly. Her bank is now charging 11.6%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank? (Round your answers to the nearest cent.) interest paid to manufacturer $ interest paid to bank $ savings $ Need Help? Read It [-70.05 Points) DETAILS TANAPMATH5 4.3.039. MY NOTES PRACTICE ANOTHER The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $120,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new loan they expect to secure is to be amortized over the same period at an interest rate of 8%/year compounded monthly. How much less can they expect to pay over the life of the loan in interest payments by refinancing the loan at this time? (Round your answer to the nearest cent.) Need Help? Read It