Question: (25 Points) The monthly payment necessary to clear (or settle) a car loan can be determined using P = i. In the formula, P represents

(25 Points) The monthly payment necessary to clear (or settle) a car loan can be determined using P = i. In the formula, P represents the payment amount, A stands for the initial loan 1@+Rfm amount, t is the loan's duration in years, R is the yearly interest rate, and n is the number of payments each year. Determine the monthly payment needed to settle a $125,000 car loan with an annual interest rate of 5.5% over a 30-year period. a. How much total interest will be paid over the life of the loan? b. If the loan is paid off in 20 years instead of 30, how much would the monthly payment be? c. How would the monthly payment change if the interest rate were to increase by 1%? d. If one decides to make quarterly payments instead of monthly, what would be the amount of each payment

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