Mike wants to buy a new Dodge Charger. He is able to negotiate a price of $21,500 for the color and options he wanted. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price. a. How much are his car payments? b. At the end of 20 months, Mike gets a bonus from work, and he decides to pay off his car loan. How much does he owe after 20 months?

Total: 10 points a. Total: 5 points Breakdown Correct work: 1.5 points Correct answer: 2.5 points Sentences explaining reasoning: 1 point b. Total: 5 points Breakdown Correct work: 1.5 points Correct answer: 2.5 points Sentences explaining reasoning: 1 point