Question: Tim and Michael are having trouble finding an IONIQ 5 in stock, so theyre also considering buying a Tesla model 3. They showed me an

Tim and Michael are having trouble finding an IONIQ 5 in stock, so theyre also considering buying a Tesla model 3. They showed me an information sheet they got from the dealership. It stated that the monthly payments would be $952 for 72 months if they financed $59,440 for the car with the usual type of add-on loan that we studied.

(a) How much in total will they pay back on the car loan?

(b) What is the interest rate?

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