| rate of 7%. Principal $50,500 Term 1 6 years Interest rate 7% Payments per year 12 Term 2 7 years Required: a. Compute the amount of each of the monthly car payments assuming the annual interest rate is 7%, and the term of the loan is 6 years. b. Compute the amount of each of the monthly car payments assuming the annual interest rate is 7%, and the term of the loan is 7 years. c. How much total interest is paid over the life of the car loan assuming the loan term is 6 years? d. How much total interest is paid over the life of the car loan assuming the loan term is 7 years? e. How much additional interest is paid as a result of increasing the term of the loan by one year? N} ; Compute the amount of the monthly payment on a 6-year, 550,500 car loan with an annual interest i | T