Question: Mikaela is considering a used Ford Explorer. She has found one with a list price of $12,500 and can get a 5 year loan at

  1. Mikaela is considering a used Ford Explorer. She has found one with a list price of $12,500 and can get a 5 year loan at 2.9%.
    1. What are her monthly payments?
    2. How much total interest is paid if she makes all the payments?
    3. What happens to the monthly payment is Mikaela puts $2,000 down as a down payment?
    4. What happens if Mikaela puts $2,000 down AND pays an extra $50 on each monthly payment?
    5. What is the interest payment at payment # 70?

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