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If you could please explain and show the steps for the answers please. Needing to understand. When you purchased your car, you took out a

If you could please explain and show the steps for the answers please. Needing to understand. image text in transcribed
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 6 2% per year The annual payment on the car is $4,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the car for four years (so there is one year left on the loan)? a. You have owned the car for one year (so there are four years left on the loan)? The payoffif you have owned the car for one year (so there are four years left on the loan)is s(Round to the nearest cent)

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