411.3
3.You're negotiating for a new car. You are going to pay for the
car with a 5-year loan at 7% per year, compounded monthly. Your
loan payments will also be monthly. You've got the price down to
$20,000, but you're still negotiating. For every $100 that you
get the dealer to lower the price of the car, how much does your
monthly payment decrease? Assume your first payment is due one
month from today.