1. You were so impressed with the 2006 Bugatti that you decided to purchase it. Assume you had $500 for a down payment and were able to secure a loan with an APR of 6.0%. 2006 Bugatti Veyron 16.4 Coupe AWD No Price Analysis Price: $1,075,000 $19,993/mo est. Mileage: 15,436 mi Location: Beverly Hills, CA 1918 mi Dealer rating: a. What would your monthly payments be if your loan was for 60 months? b. You are lucky, won the lottery 29 months into your 60-month loan, and decide to pay off your loan early. Calculate the unearned interest if you pay the loan in full on the 30" month. (Note - the finance charge per $100 is $7.94 for this early payoff amount) C. Calculate the payoff amount.2. The following credit card had a previous month's balance for $1302.63. Use the following statement to answer the questions. (Note: 05/12/2012 means December 5, 2012.) This Month's Activity. TRANSACTION POST TRANSACTION DESCRIPTION AMOUNT DATE DATE 05/12/2012 05/12/2012 Payment -250.00 08/12/2012 10/12/2012 Department Store 69.00 14/12/2012 15/12/2012 Sports Store 87.50 23/12/2012 27/12/2012 Restaurant 56.00 26/12/2012 28/12/2012 Airline 195.00 a. Find the average daily balance using the transaction date to calculate. (Note: December has 31 days) Trans Date Balance # of days Balance x # of days Dec 1 Average Daily Balance =b. Find the finance charge if the monthly interest rate is 2.5%. c. Find the new balance on 1/1/2013. d. If the credit card company used the unpaid balance method to calculate interest how much would you owe on 1/1/2013? e. If you made no additional payments/purchases how much would you own after 4 months using the unpaid balance method