Ed wants to buy a car for $17,500. His Credit union approves him for a car loan with a 6.8% APR as long as you puts 20% down. He is looking into the following options. 1) How much money would Ed have to put down to qualify for the loan?

2) What would the loan amount be?

Option A: Pay $400 per month.

3) What would be the length of his loan? Round to the nearest tenth of a year.

4) What is the total amount of interest Ed would pay over the life of this loan?

Option B: Pay $350 per month.

5) What would be the length of his loan? Round to the nearest tenth of a year.

6) What is the total amount of interest Ed would pay over the life of this loan?