Erin grew tired of her old furniture and went shopping. A local store offered credit at an APR of 12%, with a maximum term of 4 years. The furniture will cost $5,000 -- with no down payment required. Using Table 7-2 in your textbook, calculate the following:

a) What is the amount of her monthly payment if she borrows for 3 years? Please show work

b) What is the amount of the finance charge over that 3-year period? Please show work

c) Comparing the results of this week's Textbook problems 1 and 2, how does the term (# of years) of the loan affect the monthly payment and the finance charge?