You are taking out a car loan for $19,000, and you are given the options below. Find the monthly payment and the total amount of money you will pay for each loan in dollars. (Round your answers to the nearest cent.)

• Option A: a fixed annual rate of 6%, over a term of 3 years
• Option B: a fixed annual rate of 4.5%, over a term of 4 years

Option A monthly payment$ total paid$ ?

Option B monthly payment$ total paid$ ?

Answer rating: 100% (QA)

To find the monthly payment and the total amount of money paid for each loan we can use the formula ... View the full answer