2. Pick a car that you would like to buy as a working citizen. You may choose to buy a new or used car, but in either case, please assume that you'll have to borrow most of the money to purchase that car. For example, you may say, "I would plan to buy a snazzy new Honda Accord. The cost of that is $27,000, and I expect to have to borrow $25,000 of that amount," or you may say, I would plan to buy a used Ford P.O.S. for $10,000, and I expect to have to borrow $9,000 of that amount." To get an idea of what annual rate you might expect, look around at some car dealers, banks, and other lenders. Please give a citation for the rate that you find: what was your source? I Part II: Work out the numbers For each of the loans above, please calculate and report the following information: 1. Reiterate the amount borrowed, and the length of the loan. 2. Find the monthly payment, the total of all the payments, and the total interest paid over the life of the loan. Part III: Write it up Put together a clearly written document that responds to the prompts above. It does not have to be fancy, but it should be organized and legible, and it should include citations wherever appropriate