Question: Solve the following problem. Please show work A B C D E F G H 1 J K L You are in the market for

Solve the following problem. Please show work

Solve the following problem. Please show work A B

A B C D E F G H 1 J K L You are in the market for purchasing an automobile. The automobile costs $30000. You can trade in your old car for $5000. The Bank charges 5% interest rate per year on the amount borrowed. Duration of the loan is 4 years. Your monthly GAS and Maintenance costs are $150. Insurance costs another $100 per month. (Hint: Calculate total payments for 4 years and divide by 48 to get monthly loan payments) 1 2 a. Develop a model to calculate your total monthly costs. b. Develop a 1 way data table to show Monthly costs for interest rates 2% to 8% in 1/2% increments. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

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