Type the correct answer in the box. Use numerals instead of words. Bruce is considering purchasing a car for $10,000. He is thinking about using his savings to make a 20% down payment and then financing the difference over a 4-year loan. If he doesn’t make the down payment, he’ll qualify for an interest rate of 8.0%. If he makes the down payment, he’ll qualify for an interest rate of 7.0%. Use the amortization table provided to complete the statement. Round to the nearest cent, if necessary. Monthly Payment per $1,000 of Principal Rate 1 Year 2 Years 3 Years 4 Years 5 Years 6.5% $86.30 $44.55 $30.65 $23.71 $19.57 7.0% $86.53 $44.77 $30.88 $23.95 $19.80 7.5% $86.76 $45.00 $31.11 $24.18 $20.04 8.0% $86.99 $45.23 $31.34 $24.41 $20.28 8.5% $87.22 $45.46 $24.65 $24.65 $20.52 9.0% $87.45 $45.68 $31.80 $24.89 $20.76 Making the down payment will lower Bruce’s monthly car payment by $ a month.
