You have negioated a vehcile purchase rice of $37,000, will make a $7,000 down payment and finance the remainder. The terms of the loan are: monthly payments, 6.00 percent annual rate of interest, and you will finance the loan for six years.
a. calculate the amount of your monthly payments
b. at the end of the six-year loan term, what is the total amount of interest you will have paid the lenders?