3. (10 pts) You want to by a boat now, and can afford payments of $360 per month for five years. The monthly interest rate is 0.5%, (compounded monthly). (a) What is the maximum you can spend on the boat if there is no down payment? (b) What is the maximum you can spend on the boat if you also have $5000 for a down payment of at the time of purchase? 4. (10 pts) A company needs to buy a building in 4 years, and must fund the down payment from its profits. The purchase price in four years will be $260,000, of which the company can finance (borrow from a bank) $200,000 at 8%. If the company must make the purchase in 4 years and can receive 0.25% monthly interest on its savings (compounded monthly). How much must the company save each month to have the required down payment in 4 years