Michael purchased a new car priced at $32 800 before tax. The loan representative at his bank quoted him a monthly payment of $637.17 for 5 years. The car depreciates at a rate of 15% per year. What is the total amount Michael needs to pay if he accepts the loan? a. $35985.85 c. $38230.20 e. none of the above b. $3185.85 d. $71030.20 What is the depreciated value of the car after 3 years? a. $18246.47 c. $27880 none of the above b. $32797.51 d. $14553.53 If Michael sells the car at the depreciated value after 5 years, how much money will he lose, including the interest he pays to the bank? Please exclude any maintenance, insurance and other fees that he might have spent on the car. a. $19983.73 c. $17739.38 none of the above b. $23676.67 d. $21432.32 c. e