12. -/0.05 POINTS TANAPMATH5 4.3.032. MY NOTES Joe secured a loan of $15,000 four years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 4%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 10 yr at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.) Need Help? Read It Talk to a Tutor 13. -/0.05 POINTS TANAPMATH5 4.3.036. MY NOTES Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $20,000 at a rate of 8%/year compounded monthly. Her bank is now charging 12%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for each loan. How much less will she have paid in interest payments over the life of the loan by borrowing from the manufacturer instead of her bank? (Round your answers to the nearest cent.) interest paid to manufacturer $ interest paid to bank A savings to Need Help? Read It Talk to a Tutor