You decide to purchase a vehicle. The total cost of purchasing a new vehicle is $34 567.00 plus PST 7% and GST 5%. You are buying the vehicle with a $4500.00 down payment and a loan to cover the balance. The interest rate on the loan is 3.7% compounded monthly, and you agree to repay the loan in four years (48 monthly payments).

Answer each of the following questions showing your work. Cut and paste/screenshot whatever calculator you use as your strategy

1. Determine the amount of the loan?
2. What is the amount of each monthly payment?
3. What is the total cost of buying the vehicle?
4. How much interest did Terri pay for the vehicle?
5. How much would she have saved if she had shopped around and found a bank that would give her a three-year loan at 2.0% compounded monthly? How much would her monthly payments have increased?