Question: Compute the monthly payment and the total amount spent for a vehicle that costs 20000 if you finance the entire purchase over 5 years at

Compute the monthly payment and the total amount spent for a vehicle that costs 20000 if you finance the entire purchase over 5 years at an annual interest rate of 6%. Also calculate the payment if you finance the car for only 4 years. Finally, calculate the payment for 3 years. What do you notice about the payment under the different time assumptions?

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