Homework help

Compute the monthly payments for a vehicle that costs $16,200 if you financed the entire purchase over 4 years at an annual interest rate of 8.00 percent. Also, calculate the loan payments assuming rates of 7.00 percent and 9.00 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 $16,200 if you financed the entire purchase over 4 years at an annual interest rate of 8.00% is $ (Round to the nearest cent.)