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Question 1: You are buying a new $40,000 car. You must put down 10% and then finance the remainder for 5 years @ 8%. What

Question 1: You are buying a new $40,000 car. You must put down 10% and then finance the remainder for 5 years @ 8%. What is your monthly payment?

A. $811.06

B. $849.88

C. $729.95

D. $770.50

Question 2: Refer to the previous question. If you wanted to pay off the car immediately after you made the 43rd payment, how much would you have to pay the finance company?

A. $6,868.50 B. $11,695.02 C. $9,767.42 D. Insufficient information to determine

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