You are purchasing a 2020 VW GTI for $24,400, with 20% down. The balance will be financed at 8.4% over seven years with monthly payments. Find:

1. Monthly payment
2. Total interest charges
3. Interest in month three
4. How much interest is saved if you increase monthly payments by $100?
5. Four years later you trade in your car for $12,000, and you must pay off the remaining loan balance when sold. What is your net cash position after selling?

Note: average auto depreciation is almost 50% in three years; VW has average depreciation, with few issues under 100K but many problems later. VW does relatively well on resale due to hip factor, not your parents Ford or Chevy.

Calculate using Financial Calculator showing inputs please!!