AMS 104 Homework #3 You plan to buy a new car and have saved $3000 for the down payment. You go to the dealer and your dream car is available for $32,000 (after you trade in your old car). The dealer gives you the following options: Option One: payments. Option Two: payments. Option Three: monthly payments, A five year, 4% loan, compounded monthly, with monthly A six year, 4.25% loan, compounded monthly, with monthly A seven year, , 4.5% loan, compounded monthly, with Your current take-home pay is $3400 a month. You have to pay your rent ($1200 a month), utilities ($300 a month), auto insurance ($220 a month), and student loan ($145 a month). Your estimated monthly expenses for food and gas are $500 a month. The remaining money is yours to spend or save. Please make amortization tables for all three options. For each table, include a chart showing the monthly decline in balance. Then, in a paragraph, explain which option you would choose and why. Part of your grade will be based on the appearance of your presentation.