Problem 18-2 (similar to) Stion Stud Compute the monthly payment and the total amount spent for a vehicle that costs $16,700 if you finance the entire purchase over 5 years at an annual rate of 8.00 percent. Calculate the payment if you finance the car for only four years. Finally, calculate the payment for three years. What do you notice about the payment under the different time assumptions? Click on the table icon to view the MILPF table ? The monthly payment, PMT, on the 5-year auto loan is $ (Round to the nearest cent.) Uale IUDI Monthly Installment Loan Tables ($1,000 loan ith interest payments compounded monthly) 1 6 12 18 24 30 36 48 60 72 84 96 4.00% 168.62 85.15 57.33 43.42 35.08 29.52 22.58 18.42 15.65 13.67 12.19 4.25% 168.74 85.26 57.44 43.54 35.19 29.64 22.69 18.53 15.76 13.78 12.31 4.50% 168.86 85.38 57.56 43.65 35.31 29.75 22.80 18.64 15.87 13.90 12.42 4.75% 168.98 85.49 57.67 43.76 35.42 29.86 22.92 18.76 15.99 14.02 12.54 5.00% 169.11 85.61 57.78 43.87 35.53 29.97 23.03 18.87 16.10 14.13 12.66 5.25% 169.23 85.72 57.89 43.98 35.64 30.08 23.14 18.99 16.22 14.25 12.78 5.50% 169.35 85.84 58.01 44.10 35.75 30.20123.26 19.10 16.34 14.37 12.90 5.75% 169.47 85.95 58.12 44.21 35.87 30.31 23.37 19.22 16.46 14.49 13.02 6.00% 169.60 86.07 58.23 44.32 35.98 30.42 23.49 19.33 16.57 14.61 13.14 6.25% 169.72 86.18 58.34 44,43 36.09 30.54 23.60 19.45 16.69 14.73 13.26 6.50% 169.84 86.30 58.46 44.55 36.20 30.65 23.71 19.57 16.81 14.85 13.39 6.75% 169.96 86.41 58.57 44.66 36.32 30.76 23.83 19.68 16.93 14.97 13.51 7.00% 170.09 86.53 58.68 44.77 36.43 30.88 23.95 19.80 17.05 15.09 13.63 7.25% 170.21 86.64 58.80 44.89 36.55 30.99 24.06 19.92 17.17 15.22 13.76 7.50% 170.33 86.76 58.91 45.00 36.66 31.11 24.18 20.04 17.29 15.34 13.88 7.75% 170.45 86.87 59.03 45.11 36.77 31.22 24.30 20.16 17.41 15.46 14.01 8.00% 170.58 86.99 50.14 45.23 36.89 31.34 24.41 20.28 17.53 15.59 14.14 our SE Q2600 70 07 50 36146 127 121 462 60 an 17 A 671476 Print Done fall 2019 into Wealth, 8e Palau 0 Data Table r Study P 8.75% 170.95 87.34 59.48 45.57 37.23 31.68 24.77 20.64 17.90 15.96 14.52 9.00% 171.07 87.45 59.60 45.68 37.35 31.80 24.89 20.76 18.03 16.09 14.65 9.25% 171.19 87.57 59.71 45.80 37.46 31.92 25.00 20.88 18.15 16.22 14.78 9.50% 171.32 87.68 59.83 45.91 37.58 32.03 25.12 21.00 18.27 16.34 14.91 9.75% 171.44 87.80 59.94 46.03 37.70 32.15 25.24 21.12 18.40 16.47 15.04 10.00% 171.56 87.92 60.06 46.14 37.81 32.27 25.36 21.25 18.53 16.60 15.17 10.25% 171.68 88.03 60.17 46.26 37.93 32.38 25.48 21.37 18.65 16.73 15.31 10.50% 171.81 88.15 60.29 46.38 38.04 32.50 25.60 21.49 18.78 16.86 15.44 10.75% 171.93 88.27 60.40 46.49 38.16 32.62 25.72 21.62 18.91 16.99 15.57 11.00% 172.05 88.38 60.52 46.61 38.28 32.74 25.85 21.74 19.03 17.12 15.71 11.25% 172.18 88.50 60.63 46.72 38.40 32.86 25.97 21.87 19.16 17.25 15.84 11.50% 172.30 88,62 60.75 46.84 38.51 32.98 26.09 21.99 19.29 17.39 15.98 11.75% 172.42 88.73 60.87 46.96 38.63 33.10 26.21 22.12 19.42 17.52 16.12 12.00% 172.55 88.85 60.98 47.07 38.75 33.21 26.33 22.24 19.55 17.65 16.25 12.25% 172.67 88.97 61.10 47.19 38.87 33.33 26.46 22.37 19.68 17.79 16.39 12.50% 172.80 89.08 61.21 47.31 38.98 33.45 26.58 22.50 19.81 17. 12.75% 172.92 89.20 61.33 47.42 39.10 33.57 26.70 22.63 19.94 18.06 16.67 13.00% 173.04 89.32 61.45 47.54 39.22 33.69 26.83 22.75 20.07 18.19 16.81 13.25% 173.17 89.43 61.56 47.66 39.34 33.81 26.95 22.88 20.21 18.33 16.95 13.50% 173.29 89.55 61.68 47.78 39.46 33.94 27.08 23.01 20.34 18.46 17.09 Elon 7 on England our Study Plan Print Done