12. (14-point) George bought a new car with a 4.1% interestrate for 5 years. The loan amount is $35,000.a. What is the monthly payment on the loan?b. What is the total amount he will pay over the life ofthe loan?c. How much interest will he pay over the life of theloan?d. What is the interest portion of the 48th payment?e. What is the balance after the 48th payment?f. What is the interest portion of the first 12 payments?g. What is the interest portion of the last 12 payments?

12. Given information:interest rate = 4.1% or (4.1/100 = 0.041)number of years = 5loan amount =…

Answered: 12. (14-point) George bought a new car…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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