Question: Please use the formula approach or calculator approach, answer the following questions: 19. Suppose you want to borrow $20,000 for a new car. You can

Please use the formula approach or calculator approach, answer the following questions:

19. Suppose you want to borrow $20,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a 4-year loan, what is your monthly payment?

20. Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $207.58 per month for 60 months. What is the monthly interest rate?

21. You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?

22. Suppose you borrow $2,000 at 5%, and you are going to make annual payments of $734.42. How long before you pay off the loan?

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