() The average interest rate for a five-year car loan is about 2.99%. Calculate the monthly payment for your car by using the information from the previous part, and the formula we learned in section 8.6. (Note: This rate is much lower currently than normal. This is due to the pandemic and the federal interest rate being extremely low.) (h) How much would you pay in total for the car? That is what is the total of all of the car payments including the down payment. (1) We will assume that our monthly car insurance payment in Massachusetts is about $100. Calculate the monthly vehicle expense by adding up the monthly car and insurance pay- ments. () The average interest rate for a five-year car loan is about 2.99%. Calculate the monthly payment for your car by using the information from the previous part, and the formula we learned in section 8.6. (Note: This rate is much lower currently than normal. This is due to the pandemic and the federal interest rate being extremely low.) (h) How much would you pay in total for the car? That is what is the total of all of the car payments including the down payment. (1) We will assume that our monthly car insurance payment in Massachusetts is about $100. Calculate the monthly vehicle expense by adding up the monthly car and insurance pay- ments