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Unit 3 notes to support your answer. For 6-8, unswer the question. Where appropriate, show work wing the formulas given in the 6 Thomas (from problem #5) inherits a large sum of money and decides to pay off his low. If the loan is paid off 36 months wily, what is the pupofamoune Show your work) 7. Maria needs to find a car and is deciding between buying a new car or leasing a car. (ip) a) Give a reason that she should lease a car instead of loaning money for a new car. b) Give a reason that she should get a loan for a new car instead of leasing a car. 5. Thomas is taking out a $42,000 home-improvement loan that he will make monthly payments on for eight years. The interest rate is 5.15% ) Find his monthly payment (3) Incorrect Solutions 2 Explanation of Error(): Correct Work and Solution +n are -42000 0.0515 $ 53472 0.0515/12- 0.001297 $6537.78 n=8x12-96 (0004297/41+00123456 being made (1-C140.0518) Iwdi be b) Find the total amount of money he would end up paying during the life of the loan. (2) Incorrect Solution: Explanation of Error()! Correct Work and Solution 6537.78.6 Here the total amount number of ap x 534.722 61,3932B $39226.68 years is 8 but you have mittplied with Also PMT 15 534.72 c) Find the amount of interest he would pay on the loan. (2) lacorrect Solution Explanation of Error(s) Correct Work and Solutions The formula I=prt used here is interest amount total amount paid I =42000(0.0513)(2) that of simple interest 51333 23-42.000- $9,333.23 I=1517304