In this problem you are going to explore the costs of an auto loan. Find a car you would be interested in purchasing using financing (a loan). Choose a car that has a price of at least $5,000. When you find something you find interesting, take a screen shot of the advertizement and paste in the box below. In your screen shot make sure that you can see the price for the car.

Part a: Use what you have learned in Section 3.3 to find the payment on the car loan if the auto loan has a of 6.6% per year compounded monthly for 60 months (5 years of monthly payments). Find the amount of the monthly car payment. Input a screen shot of your handwritten work in the box below

Part b: How much total interest will you pay over the life of the loan if you make all 60 payments (on time). Input a screen shot of your handwritten work in the box below.

Part c: When you have a poor credit rating, you will be charged a much higher interest rate on auto loans. Imagine if, due to poor credit, the interest rate on the loan is 15.3% per year compounded monthly for 60 months (5 years of monthly payments). i. Report the monthly car payment for this higher interest rate. ii. How much additional would you have to pay at this interest rate? Input a screen shot of your handwritten work in the box below.