You have decided to purchase a new car and the cost is $26,300. You have obtained two financing options. One loan is for 5% for 5 years and the other loan is 4.8% for 4 years. Using the loan calculators at calculator.net, please answer the following questions regarding these two loans:

1. What is the amount of the monthly payment for the 5 year loan?

2. What is the total amount of interest paid over the life of the 5 year loan?

3. What is the amount of the monthly payment for the 4 year loan?

4. What is the total amount of interest paid over the life of the 4 year loan?