3. Monthly Car Payment: The Mills' purchased a new car for $29,575. The tax on thevehicle was 3.25% and title and license fees were $210. They were able to get a trade-in of$4,500 on Jackson's old car. If they financed the remainder at 5.25% for 5 years, what wasthe monthly payment on the car loan?Select the correct answer for each dropdown menu. A. Total Purchase Price (including taxes and fees): [Select]B. Loan Amount (with down payment): (Select]C. Interest on Loan: [Select]D. Amount to be repaid: [Select]Select)E. Amount of each payment:

From the question;

Purchase price = $29,575

Tax = 3.25%

License fee = $210

A. We are to calculate the total purchase price

Therefore,

Total Purchase price = $30,746.19

B. Loan amount

Trade-in payment = $4,500

Therefore,

Therefore,

Loan Amount = $26,246.19

C. Interest on loan

From the question

P = Loan amount =$26,246.19

R = 5.25

T = 5years

Therefore,

Therefore,

Interest on loan = $6,889.6

D. Amount to be repaid

Therefore,

Amount to be repaid = $33,135.8

E. Amount of each repayment

since the repayment is on a monthly basis

Therefore,

Therefore,

Amount of each payment = $552.3