Your parents always leased cars ever since you can remember. As a result, leasing is the only way you know to live, so you follow suit. To reward yourself for graduating college, you get yourself a new car worth $26,000. The interest rate is 7.5% and you pay $490 a month. Like many car leases, six years from now your car will finally be paid off. Adjust the calculator to show these amounts. 2. How much will you pay in interest alone (over the original balance of $26,000) ? 3. If you continued this leasing pattern (\$26,000 every six years) for the next 42 years until retirement, with a monthly payment of $490 and the interest rate at 7.5%, how much would you pay in interest in that time? (Multiply the interest fees by seven.)