a. A high-pressure real estate guy with a toupee wants you to buy a $200,000 home in Old Metairie. He does not know it yet, but you are soon to whip out your trusty financial calculator. Hmm... I want to put 3% down, I can get a 30-year loan for the balance at 6.75%, but will that exceed the $1,200 per month that I can afford to pay? If not, how much more would I have to put down to get the payments down to $1,200 per month? b. The brother of that real estate guy sells cars. If you want a $22,000 car you can have 2.9% financing with 10% down or $4,000 cash towards the down payment with ordinary 7.4% financing and a minimum of 10% down. Assume that the loan is for 4 years. Which alternative yields the lowest monthly payment? c. Which type of financing will cost you less in the long term?