Question: ( 1 4 - point ) George bought a new car with a 4 . 1 % interest rate for 5 years. The lo amount

(14-point) George bought a new car with a 4.1% interest rate for 5 years. The lo
amount is $35,000.
a. What is the monthly payment on the loan?
I=4.112
PN=35,000
FV=0
N=5**12
Pmts
- $646.16
b. What is the total amount he will pay over the life of the loan?
646.16**60 monthly payments =$38,769.54
a. How much interest will he pay over the life of the loan?
38,769.54-35,000=3,769.54
b. What is the ints
3769.5460=$62.83
b. What is the interest portion of the 48th payment?
c. What is the balance after the 48mim payment?
d. What is the interest portion of the first 12 payments?
e. What is the interest portion of the last 12 payments?
 (14-point) George bought a new car with a 4.1% interest rate

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