5. Walter is Andre's friend and is impressed by the new car. As such Walter thinks...

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5. Walter is Andre's friend and is impressed by the new car. As such Walter thinks it's a good time for a new car as well. Since Walter has not been saving money, he plans to take out a loan to pay for the car. He is able to finance (c) $24,000 with a 5-year loan. The loan has an APR of 3.25% compounded monthly. a. What is the minimum payment amount Walter will need to make for his car loan? b. How much will Walter pay altogether over the life of his car loan? 6. Both men purchased a (c) $24,000 car. Who spent more of their own money for the car and by how much? 3 5. Walter is Andre's friend and is impressed by the new car. As such Walter thinks it's a good time for a new car as well. Since Walter has not been saving money, he plans to take out a loan to pay for the car. He is able to finance (c) $24,000 with a 5-year loan. The loan has an APR of 3.25% compounded monthly. a. What is the minimum payment amount Walter will need to make for his car loan? b. How much will Walter pay altogether over the life of his car loan? 6. Both men purchased a (c) $24,000 car. Who spent more of their own money for the car and by how much? 3