Problem
Walter is Andre's friend and is impressed by the new car. As such Walter thinks it's a good time for a new car as well. Since Walter has not been saving money, he plans to take out a loan to pay for the car. He is able to finance (c) $27,095 with a 5-year loan. The loan has an APR of 3.25% compounded monthly. Round answers to two decimal places. What is the minimum payment amount Walter will need to make for his car loan?
i. What is the minimum payment amount Walter will need to make for his car loan?
ii. How much will Walter pay altogether over the life of his car loan?