1. You and the dealer have agreed upon the purchase price for a new automobile. The purchase price is $38.000. In addition, sales tax of $2,280, a documentation fee of $500 is added to you purchase price You make an initial payment of $5,000 and seek to finance the remaining balance. Your automobile dealer has a finance opportunity which will allow you to defer your first payment for 6 months. Your car payments will be paid each monthly over a 3-year period beginning the first month after the 6 months deferral period. The interest rate is 6% per year for the duration of the loan and interest accrue monthly during the 6 months' deferral period. a. Draw the cash flow diagram from your perspective. b. What are your monthly payments? C. You decide to pay off your loan when you make your 24th payment. What will be your total 24th payment? 1. You and the dealer have agreed upon the purchase price for a new automobile. The purchase price is $38.000. In addition, sales tax of $2,280, a documentation fee of $500 is added to you purchase price You make an initial payment of $5,000 and seek to finance the remaining balance. Your automobile dealer has a finance opportunity which will allow you to defer your first payment for 6 months. Your car payments will be paid each monthly over a 3-year period beginning the first month after the 6 months deferral period. The interest rate is 6% per year for the duration of the loan and interest accrue monthly during the 6 months' deferral period. a. Draw the cash flow diagram from your perspective. b. What are your monthly payments? C. You decide to pay off your loan when you make your 24th payment. What will be your total 24th payment