1. You buy a new car that costs you $29,577.15 after all taxes and government levies. You make a down payment followed by monthly payments of $600 for 4 years. (The first payment is made one month after you buy the car). The interest rate is 8% compounded monthly. a) What is the size of the down payment? [4 marks] b) What is the cost of financing (i.e. how much interest will you pay over the life of the loan)?