Directions: Read the problem carefully and solve what is being asked using partial payments on loan. Problem: Jay wants to have a new car but he doesn't have enough money so he decided to make a car...

Extracted text: Directions: Read the problem carefully and solve what is being asked using partial payments on loan. Problem: Jay wants to have a new car but he doesn't have enough money so he decided to make a car loan to finance his buying a new car. The Piwong Bank requires 20% of the amount of the car as the down payment. If Jay is going to buy a brand -new car worth P700,000.00, then he has to make a down payment of P140,000.00 and apply for a loan for the excess of P560,000.00. If Jay is going to pay the loan for 3 years with the simple interest rate of 4.79%, a. How much is the maturity value of the car? b. How much is the monthly installment? c. What is the total interest of the car loan?