1- John decided to buy a car when his old car broke down. His parents told him that he has to dig into his own wallet if he wants to buy new car. Now, he has two options, buying a new car or fix the old car. If he fixes his car, he needs to pay $1,000 now. After fixing his car, he needs to pay annually a $1000 for maintenance of his car over five years. He needs to pay $100 more for gas every month compared to a brand-new car. The market value for the old car after five years will be $5,000 inside a market with annual nominal interest rate of 6% compounding monthly. To buy a brand-new car, he needs to get a loan of with monthly payments of $600 with annual nominal interest rate of 12% compounding monthly with a 5-year payback period. The market value for a brand-new car after 5 years will $12,000. Find how much more money he needs to pay for brand- new car compared to fixing his old car. (20 points) [This problem is partially designed based on vour submitted stories.1