I purchase a BMW for $70,000. If I receive a trade in allowance of $5,000 for my old car. What will my monthly payments be if my loan interest rate is 0.5% per month and the loan term is 84 months. $950 $980 $1,023 $1,071 Question 6 For the problem above. I purchase a BMW for $70,000. If I receive a trade in allowance of $5,000 for my old car. What will my monthly payments be if my loan interest rate is 0.5% per month and the loan term is 84 months. When will the loan balance be reduced to $2,500 if I increase my payment to $1,225 per month? (answer to the nearest month) 64 55 62 60

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