12:00 - Question 3 (14 marks) Your car loan requires payments of S1,000 per month for the first year and payments of $1,500 every month during the second and third years. The investment account from which you pay for the loan carms an interest rate of 6% with monthly compounding. The first payment begins in one month. a) If you do not have to make the second year's payments (someone is paying for you) you can leave the money in the investment account. and thus How much more money will you have at the end of Year 3? (5 marks) b) How much money do you need to have in your investment account today in order to pay off the car loan? (9 marks)