2. The price of a new car is $32,000. Assume that an individual makes a down payment of 15% toward the purchase of the car and secures financing for the balance at the rate of 2.9%/year compounded monthly. (Round your answers to the nearest cent.) (8 points) a) What monthly payment will she be required to make if the car is financed over a period of 48 months? b) How much interest will be paid over the life of the loan? c) How much of the first month's payment was interest, and how much was principal? Interest = Principal = A= P(1+rt) I = Prt A= P(1+i)" iz", n=m.t m r. =1+ nom m (1/1) -1 --1 P S=R [1-(1+i)" P=R i i R= iS (1+i)"-1 Pi RE 1-(1+i)