Car to go is offering new customers an opportunity to defer their furniture purchase payments for 3 months before their first payment is due. You purchased furniture costing $8,000 and want to take advantage of the 3 months' deferral before making your first payment. You agree to pay the loan in monthly payments over a 3-year period after the deferral period. If the interest rate is 12% per year and interest accrue monthly during the 3 months' deferral period.

1. How much are your monthly payments?
2. Draw the cash flow diagram from your perspective