EX 4.5:

Nona purchased a new car earlier today for $35,000. She financed the entire amount with an eight-year loan that has a 6 percent interest rate (compounded monthly).

1. Compute the monthly payments for the loan. Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value.

   $________

2. How much will Nona owe on the loan after she makes payments for 3 years (i.e., after 36 payments)? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value.

   $ _______