1. The bank officer is convincing a customer who is looking for a car loan. Compute the price the bank expects to receive for the loan if annual interest rate is 8%, the car payment is $350 per month,...

1. The bank officer is convincing a customer who is looking for a car loan. Compute the price the bank expects to receive for the loan if annual interest rate is 8%, the car payment is $350 per month, and the loan term is six years.

You may convert the annual interest rate into monthly interest rate using the formula [monthly interest rate(im) = (1+i)1/12 – 1, where i is the annual interest rate].