Janelle wishes to finance a car for $33,000. the bank's annual interest rate is 3.5%, and she can choose between durations of five or six years. calculate the monthly payment and total amount paid for both duration options. use the formula, p = ar (1+r)^n/(1+r)^n-1where a is the amount to finance, r is the monthly interest rate, and n is the number of months to pay. show all of your steps.

For a duration of 5 years, Monthly Payment =$600.42

For a duration of 6 years, Monthly Payment =$508.83

Step-by-step explanation:

where a= Amount to Finance=$33,000

Annual interest rate = 3.5%=0.035

r=Monthly Interest Rate= 0.035 ÷ 12 =

n=number of months to pay

For a duration of 5 years

n=5X12=60 months

For a duration of 6 years

n=6X12=72 months

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step-by-step explanation:

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step-by-step explanation: