answer the question Q2 please all part

You will be provided a car price of either: $12k, $16k, $20k, $24k, $28k, $32k, $36k, $40k, $44k, or $48k

1. Suppose you have $4000 saved up for a down payment, and you plan to finance the rest of the balance due. You are offered a 60 month loan at 4.5% APR. Calculate your monthly payment for the loan. What is the total cost of the car and loan?

That is, what will you end up paying in total in monthly payments over the 60 month term of the loan?

What will the total interest be at the end of the loan?

Q2Now suppose youd like to save more money for a down payment. You decide that one year from now you will buy a car for the same price. Until then, you will save one months payment (the same payment you calculated in part 1) each month of the coming year.

How much will you have saved over the year?

What will be the new principal amount? What is the monthly payment for a 60 month, 4.5% interest loan on this lower principal?

What is the total cost of the car and loan?

What will the total interest be at the end of this loan?