Suppose that you decide to borrow 13 000 for a new car You

Last updated: 10/10/2023

Suppose that you decide to borrow 13 000 for a new car You can select one of the following loans each requiring regular monthly payments Installment Loan A three year loan at 6 3 Installment Loan B five year loan at 5 2 P Use PMT to complete parts a through c below a Find the monthly payments and the total interest for Loan A The monthly payment for Loan A is Do not round until the final answer Then round to the nearest cent as needed The total interest for Loan A is Round to the nearest cent as needed b Find the monthly payments and the total interest for Loan B The monthly payment for Loan B is Do not round until the final answer Then round to the nearest cent as needed The total interest for Loan B is Round to the nearest cent as needed c Compare the monthly payments and the total interest for the two loans