Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $18,000 at a rate of 8%/year compounded monthly. Her bank is now charging 11%/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.

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The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $130,000 and was to amortized in 240 equal monthly installments at an interest rate of 10%/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.)

Five years ago, Diane secured a bank loan of $400,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 yr, and the interest rate was 10%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-yr home mortgage has now dropped to 7%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.)

Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan rrom the manufacturer in the amount of $18,000 at a rate or 89 year compounded monthly. Her bank is now charging 11% 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 or 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 Need Help? Talk to a Tutor 10.07 points TanApMatn5 4.3.039 My Not The Sandersons are planning to refinance their home. The outstanding prina al on the r orig nal oan 1:5130 000 nd was o amortized in 24 equal monthly installments at an nterest r te 109 year compounded monthly. The new loan they expect to secure is to be a o zed over the same per d at a terest rate o 8% year compounded mo nthly. How much ess can they expect to pay over the e a e 1 an in interest payments by e na ang the oan at this tre? Round your answer to the neerest cent.) 0.07 points TanApMath5 43.048 Five years ago, Diane secured a bank loan of $400,000 to help finance the purchase of a loft in the San Francisco Bay area. The tern of the mortgage was 30 yr, and the interest rate was 10% year compounded monthly on the unpaid balance. Because the interest rate or a conventional 30-yr home mortgage has now dropped to 7% ear compounded monthly, iane is thinking or refinancing her property. Round your answers to the ne rest cenL My Not (a) What is Diane's current monthly mortgage payment? (b) What is Diane's current outstanding principal? (c) If Diane decides to refinance her property by securing a 30-yr home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 7%year compounded monthly, what will be her monthly mortgage payment? (d) How much less would Diane's monthly mortgage payment be if she refinances