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Suppose that you borrow $17,000 for five years at 8% toward the purchase of a car. Use PMT=[1(1+nr)nt]P(nr) to find the monthly payments and the
Suppose that you borrow $17,000 for five years at 8% toward the purchase of a car. Use PMT=[1(1+nr)nt]P(nr) to find the monthly payments and the total interest for the loan. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
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