1. A $45,000 new car loan is taken out with the terms 9 % APR for 48 months. How much are monthly payments on this loan?
A) 1,231.81
B) 1,119.83
C) 1455.77
D) 1,343.79
2. Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $5,300 per year. If he can get a six-year loan with an interest rate of 7.5%, what is the maximum price he can pay for the car?
a) 34,828
b) 29,852
c) 24,877
d) 39,803