1. You are purchasing a new 2021 Ford Explorer, with the agreed upon price of $41,000. You will be paying $2,500 down and financing the rest for 36 months at 4.25%. What will be your monthly payment?
2. You are trading your used vehicle for a new one. They are giving you $5,000 for your used vehicle and the new one is priced at $35,000. What amount will you finance? At a rate of 4.00%, what will be the monthly payment for 48 months?
3. You have decided to borrow $25,500 for a vehicle. The terms will be 3.75% for 48 months. Determine the monthly payment and then provide the amortization schedule for the first 4 months.