2. Now, go to www.ncsecu.org which is the website of the North Carolina State Employees Credit Union {SECU}. At the top of the page you will see a drop-down menu for Loans. In this menur go to the lli'ehicle Loans page. Interest rates charged by SECU change periodically, so the rates charged last year may not he the same rates charged today or next month. a} What is the maximum amount ['36] that SECU will finance for a new vehicle? This is the amount they're willing to nance, not to be confused with their APR {interest rate}. 120% of the purchase amoum will he finanoed by SECU b] What is the maximum amount you can borrow for the new car you chose? $150,000 is the maximum amount c] What is the maximum length of a new vehicle loan from SECU? 96 months :1] What is the interest rate for a new vehicle loan for 36 months, assuming you use a Payroll Deduction? 5.50% - 8.50% e] What is the interest rate for a new vehicle loan for 60 months, assuming you use a Payroll Deduction? 5.00% - 9.00% fj What is the interest rate for a new vehicle loan for T2 months, assuming you use a Payroll Deduction? 5.25% 9.25% 3. Now we are going to explore how.r the length of the loan will affect the ya rious components of the loan. Let's assume that you will borrow the maximum amount for the used car you chose and that you are using a Payroll Deduction to make your monthly payments. Use the SECU calculator to help compute the following. LENGTH or LoAM MDNTHLT PAYMENT roTAL PAID INTEREST PAID MONTHS $133 440 $140,? so which ofthe three loan lengths do you think is the best option? why? lwould sayr the 35 month option due to it having the lowest payment of interest. 4. Sometimes car dealers and manufacturers offer promotions to entioe consumers to buy new cars. One such promotion is a choice between 0% nancing for 50 months or $1500 off the price ofthe car. With the $1500 off the price ofthe car, the buyer usuallyhagto nd his or her own financing. Suppose you had this choice for the new car you chose. a} If you chose 0% financing, what would your monthly payment he? b] What would be the total amount you would pay for the car? c] If you chose the $1500 off the purchase price and financed the car through SECU, what would be the amount of your loan? d] What would your monthly payment be for a I50 month loan? e] What would be the total amount you would pay for the car? i] Which is the better option, 0% clown for 60 months or $1500 off? PURPOSE: Buying a car, whether new or used, is a major financial decision. In this lab you are going to learn how to look up the 1.ralue of a car and how much you can expect to pay for a oar by using tools that are available on the internet. INSTRUCTIONS: 1. Your group is rst going to nd a r'new" ca r. {Your bank considers any car with less than 10,000 miles to be new}. 1y'isit1.ru'y.rw'.Ioarrnax.loom and choose a car with less than lDJDDD miles. which car did you choose and why? Give the make, model; and price ofthe car. J R d SE MAKE: 2018 Moon: EEF' mega 9 PRICE: $18,998 Latitude REASDM: Sturdy SUV, Stylish with good credit score; low mileage [6k miles}; overall good condition Next you will look up the \"blue book\" value ofthe new car you chose. Go to www.kbb.com .which is the website of Kelly Blue Book; and find your car. Most lending institutions will not make a loan for more than the blue bookyalue ofthe oar