1. Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.

What will be his monthly payment if financed with a 7% simple interest installment loan?

2. .What will be the total finance charges for the car loan in Question 28? (Text from question 28 (Q13a): Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.)