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Barry Wood wants to buy a used car that costs $4000. He has two possible loans in mind. One loan is through the car dealer; it is a three-year add-on interest loan at 8% and requires a down payment of $300. The second is through his credit union; it is a three-year simple interest amortized loan at 7.5% and requires a 10% down payment.
(a) Find the monthly payment for each loan. (Give your answer to the nearest cent.)
Dealer $
Credit Union $

(b) Find the total interest paid for each loan. (Give your answer to the nearest cent.)
Dealer $
Credit Union $
Find the future value of the ordinary annuity. (Round your answer to the nearest cent.)
$110 monthly payment, 6% interest, 1 year