2. Ch07 Financial Planning Exercise 10 Chapter 7 Financial Planning Exercise 10 Calculating payments, interest, and APR on auto loan After careful comparison shopping, Bill Withers decides to buy a new Toyota Camry. With some options added, the car has a price of $19,000 - including plates and taxes. Because he can't afford to pay cash for the car, he will use some savings and his old car as a trade-in to put down $8,000. He plans to finance the rest with a $11,000, 59-month loan at a simple interest rate of 12 percent. a. What will his monthly payments be? Round the answer to the nearest cent. $ per month b. How much total interest will Bill pay in the first year of the loan? Round the answer to 2 decimal places. (Use a monthly payment analysis procedure similar to the one in Exhibit 7.7.) $ C. How much interest will Bill pay over the full (59-month) life of the loan? Round the answer to the nearest cent. $ d. What is the APR on this loan? Round the answer to the nearest cent. % 2. Ch07 Financial Planning Exercise 10 Chapter 7 Financial Planning Exercise 10 Calculating payments, interest, and APR on auto loan After careful comparison shopping, Bill Withers decides to buy a new Toyota Camry. With some options added, the car has a price of $19,000 - including plates and taxes. Because he can't afford to pay cash for the car, he will use some savings and his old car as a trade-in to put down $8,000. He plans to finance the rest with a $11,000, 59-month loan at a simple interest rate of 12 percent. a. What will his monthly payments be? Round the answer to the nearest cent. $ per month b. How much total interest will Bill pay in the first year of the loan? Round the answer to 2 decimal places. (Use a monthly payment analysis procedure similar to the one in Exhibit 7.7.) $ C. How much interest will Bill pay over the full (59-month) life of the loan? Round the answer to the nearest cent. $ d. What is the APR on this loan? Round the answer to the nearest cent. %