Another example: You have bought a new car that requires a loan of $20,000 to pay for it. The car dealer offers you two alternatives on the loan: a) Monthly payments for 3 years, starting one month after purchase, with an annual interest rate of 10% compounded monthly, or b) Monthly payments for 5 years, also starting one month after purchase, with annual interest rate 12%, compounded monthly. Find your monthly payment and the total amount paid over the course of the repayment period under each of the two options