What happens to your answer if you extend the loan for an, Financial Management

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What happens to your answer if you extend the loan for an

Suppose you are considering the purchase of a 2018 Subaru Forester. The car costs $24,000 and you plan to make a $2,000 down payment.

a) For a 48-month loan, the APR is 2.75%. What is your monthly payment?

b) What happens to your answer if you extend the loan for an extra year (at the same APR)? What is your monthly payment now?

c) How might your credit report or credit score affect such a loan?

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