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Thanks! (a)Upon entering college, you purchase the car of your dreams for $33000. You pay $6600 down and finance the balance for 4 years at
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(a)Upon entering college, you purchase the car of your dreams for $33000. You pay $6600 down and finance the balance for 4 years at 7% compounded monthly. Your monthly payments are $632.19. Set up the spreadsheet to display the outstanding balance for each month for 4 years. As a checkpoint, you should get $21490.60 just after your 10th payment. X How much is still owed on the loan just after 25 payments.$ 75,806.46 Find the size of the last payment. $ How much interest in total did you spend on the car? $ (b)If you decided to get a 3 year loan instead of a 4 year loan the payments will be $815.16. What will be the total saving in interest from getting a three year loan instead of a 4 year loan?(Note: you do not need a spreadsheet to answer this question.) $ (c)If you decided to get a 5 year loan,the payments will be $522.76. Determine the total amount of interest that will be paid on a 5 year loan $Step by Step Solution
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