1. As a young graduate you have plans on buying your dream car in 3 years. You believe the car will cost $50,000. You have two sources of money to reach your goal. first, you will save money for the next 3 years in a money market fund that will return 8% annually. You plan on making $5,000 annual payments to this fund. You will make early investments in the BEGINNING of the year. The second source of money will be a car loan that you will take out the day you buy the car. You anticipate the car dealer to offer you a 6% APR loan with monthly compounding for a term of 60 months. To buy your dream car, what monthly car payment will you anticipate?

The answer is $627.73 Please show steps in solving and financial calculator steps as well if possible

2. You want to buy a new car for $32,000 and accept the dealers financing offer of 5.9% compounded monthly for 60 months. Unfortunately, you can only afford monthly loan payments of $300. However, the dealer allows you to pay off the rest of the loan in a one time lump sum payment at the end of the loan. How much do you have to pay to the dealer when the lump sum is due?

Answer: $22,071.75 Please show steps and financial caluclator inputs if possible