Ch 7 Assignment 4 166 paints Seve After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $14,900 price, but financing through the dealer is no bargain. He has $2.900 cash for a down payment, so he needs an $12,000 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $12,000 for a period of four years at an add-on interest rate of 10 percent a. What is the total interest on Richard's loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. Total interest eBook Mc Graw b. What is the total cost of the car? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. Total cost c. What is the monthly payment? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. Monthly payment < Prev 4 of 9 Next > Help Sav