Trade-ins. You may have heard advertisements from car dealerships that say something like "Bring in your car, paid for or not, and we'll take it as a trade-in for a new car." The advertisement does not go on to say that you have to pay off the remaining loan balance or that the balance gets added to the price of the new car. a. (4 pts) Suppose you are making payments of $235.73 per month on a four-year car loan that has an annual interest rate of 8.45%. After making payments for 3 years, you decide to purchase a new car. What is the loan payoff?

b. (2 pts) You negotiate a price, including taxes, of $18,234 for the new car. What is the actual amount you owe for the new car when the payoff on the old car is included?

c. (4 pts)If you finance the amount from (b) for 4 years at a 8.4% APR, what is the new monthly payment?