(19) Please show the calculations for:a. Find the monthly paymentb. Find the total of all monthly payments. Do NOT include the down paymentc. Find the total interest paid over the life of the loan **Loan Payment Calculation**Todd purchases a new car for $21,550. He makes a $6000 down payment and finances the remainder through an amortized loan at an annual interest rate of 7.2%, compounded monthly for 5 years.**Tasks:**a) Find Todd's monthly car payment.b) Assume that Todd makes every payment for the life of the loan. Find his total payments.c) How much interest does Todd pay?---**Loan Formula Selection**What is the correct formula for this situation?- **Option A:** \[ P\left(1 + \frac{i}{c}\right)^{ct} = \frac{p \left( \left(1 + \frac{i}{c}\right)^{ct} - 1\right)}{\frac{i}{c}} \]- **Option B:** \[ A = \frac{p \left( \left(1 + \frac{i}{c}\right)^{ct} - 1\right)}{\frac{i}{c}} \]**Calculations:**a) Todd's monthly car payment is $[ \_ ](Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)b) The total of Todd's payments is $[ \_ ](Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)c) Todd pays $[ \_ ] in interest.(Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)

We have to find the monthly payment, amount and interest.

purchases a new car for $21,550. He makes a $6000 down payment and finances the remainder thro tized loan at an annual interest rate of 7.2%, compounded monthly for 5 yr. nd Todd's monthly car payment. ssume that Todd makes every payment for the life of the loan. Find his total payments. Ow much interest does Todd pay?

purchases a new car for $21,550. He makes a $6000 down payment and finances the remainder thro tized loan at an annual interest rate of 7.2%, compounded monthly for 5 yr. nd Todd's monthly car payment. ssume that Todd makes every payment for the life of the loan. Find his total payments. Ow much interest does Todd pay?

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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A: Please refer to the image below

Question

(19) Please show the calculations for:

a. Find the monthly payment

b. Find the total of all monthly payments. Do NOT include the down payment

c. Find the total interest paid over the life of the loan

**Loan Payment Calculation**

Todd purchases a new car for $21,550. He makes a $6000 down payment and finances the remainder through an amortized loan at an annual interest rate of 7.2%, compounded monthly for 5 years.

**Tasks:**

a) Find Todd's monthly car payment.

b) Assume that Todd makes every payment for the life of the loan. Find his total payments.

c) How much interest does Todd pay?

---

**Loan Formula Selection**

What is the correct formula for this situation?

- **Option A:**

\[
P\left(1 + \frac{i}{c}\right)^{ct} = \frac{p \left( \left(1 + \frac{i}{c}\right)^{ct} - 1\right)}{\frac{i}{c}}
\]

- **Option B:**

\[
A = \frac{p \left( \left(1 + \frac{i}{c}\right)^{ct} - 1\right)}{\frac{i}{c}}
\]

**Calculations:**

a) Todd's monthly car payment is $[ \_ ]

(Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)

b) The total of Todd's payments is $[ \_ ]

(Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)

c) Todd pays $[ \_ ] in interest.

(Simplify your answer. Do not round until the final answer. Then round to two decimal places as needed. Do not include the $ symbol in your answer.)

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