1. Taylor needs to purchase a car. The car Taylor plans to purchase costs $10,000. Taylor has saved $2,000 to use as a down payment for the car. Taylor is offered credit terms of 5% APR for 5 years. Please calculate the following: a. To purchase the car, what is the amount Taylor will need to finance? (1 point)

b. In one year, how much interest will Taylor pay on this loan?
(Interest = Principal x Rate x Time) (1 point)

c. After 5 years, in order for Taylor to own the car, what will the actual, total cost of the car be in dollars? (2 points) (down payment + amount financed + interest = total cost of the car)