3. You buy a new car for 25,590 and placed a down payment of $2,000 and you financed the remaining balance. The loan carries an annual interest rate of 8.9%, payable in monthly installments over a 3-year period. What is the monthlypayment consisting of interest and principal? Assume the payments are made at the end of each month. What will be the balance of the loan after paying themonthly installments for 1.5 years? How much total interest would you have paid at the end of the 1.5 yrs?