Buying a Car You are purchasing a new car for $27,600. The dealership offers you three options: - 0% financing: 0 down and 0% financing for 48 months. - Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank. - Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months: Use this information for the questions' below. Use the Buying a Car information above to answer this question. Suppose you make a down payment of 16% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? Round to the nearest dollar. Use the Buying a Car information above to answer this question. What is your monthly payment if you choose 0% financing for 48 months? Round to the nearest dollar. Use the Buying a Car information above to answer this question. You want to make monthly payments of $531, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? Round to the nearest dollar. Use the Buying a Car information above to answer this question. The rebate offer is $2300, and you can obtain a car loan at your local bank for the balance at 4.64% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? Round to the nearest dollar