Question: Mikaela is considering a used Ford Explorer. She has found one with a list price of $14,500 and can get a 5 year loan at

Mikaela is considering a used Ford Explorer. She has found one with a list price of $14,500 and can get a 5 year loan at 4.5%.

  1. What are her monthly payments?
  2. How much interest is paid?
  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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