Question

A recent college graduate buys a new car by borrowing $22,000 at 7.2%, compounded monthly, for...

A recent college graduate buys a new car by borrowing $22,000 at 7.2%, compounded monthly, for 4 years. She decides to pay an extra $20 per payment. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ How much does she decide to pay each month? (Round your answer to the nearest cent.) $ (b) How many payments (that include the extra $20) will she make? (Round your answer up to the next whole number.) payments (c) How much will she save by paying the extra $20? (Round your answer to the nearest cent.)

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