Timothy decided to buy a Mercedes 2012 C350 Coupe listed at $56,198.00 with finance at 3.8% compounded monthly for 6 years. Assume HST 13% and a down payment of $2,500.00.

1. Find the amount financed.
2. Calculate Timothy's monthly payment.
3. Give the 12thline of amortization schedule.
4. Give the amount spent on interest for the third year of the loan. This interest is usually
5. not tax deductable.
6. If Timothy needs $15,000.00 minimum for a down payment on a home and he has
7. $1000.00 per month discretionary money that can save or pay toward the car, how long will it take Timothy before he has the necessary money for a down payment for a home? Assume j12= 3.8 %.
8. How long it take him to save up the down payment at $1000.00 per month if he forgoes the car purchase for a while? Assume the rate 3.8% compounded monthly.
9. If Timothy made payments on his car every two weeks instead of every month, how much would the new payment be and how much would be saved? Assume j26=3.8%.
10. Assume taxes, upkeep, gas and parking for the care cost Timothy an additional $3,800.00 per year (equally divided per month). What is Timothy's real monthly payment for the car?