For questions 1 - 9: A recent university graduate is purchasing a new Honda Civic LX Sedan for $20,345, which includes destination and handling charges. The term of the loan is 5 years (60 months). Payments are made monthly. The interest rate is 5%. The loan is a closed end credit loan. Sales tax is 7\% (Indiana) and is included in the loan. Sales tax is owed on the new vehicle price minus the trade-in value. The graduate is trading in their current vehicle, which has a trade-in value of $4,000 and is owned free and clear. The only equity in the transaction is the trade-in vehicle. There currently are no rebate offers or other incentives by Honda on Civics. 6. How much of the first monthly payment will be interest and the how much interest is in the last monthly payment? $75.37 and $2.25 $79.50 and $1.03 $84.88 and $3.59 $72.87 and $1.37