A couple wants to buy a $38.000 car and can borrow the money for the purchase at 8%, paying it off in 3. 4. 5 years. The table to the right gives the monthly payment and total cost of the purchase (including the loan) for each of the payment plans. Suppose that when the payment is
over t years, P) represents the monthly payment and Cit) represents the total cost for the car loan. Use this information to answer parts (a)
through (d)
Monthly Total
Cyears) Payment Costs
31190.79 42 868 44
4 927.70 44,529 60
5 770 51 46.230 60
a. Find P[4) and write a sentence that explains
s meaning Select the correct choice below and fill in the answer box to complete your choice
OA. If the car is financed over 4 years, the payment is P(4) =
OB. If the car is financed over 4 years, the total cost is P(4)