In our readings, we studied Craig's decision to buy a car. Craig knows the following two Excel commands that he used during the Quantitative Reasoning Process:

PMT$($rate$,$ nper, PV$,$ FV$)$

FV$($rate$,$ nper, pmt$,$ PV$)$

In step$3$ of the Quantitative Reasoning Process, quantitative tools, Craig used the following command in Excel:

$=PMT(\frac{0\mathrm{.}04}{12},7^{**}12,-5000,0)$

The Excel output for this command was $$68\mathrm{.}34.$ Which of the following best describes what this output represents?

$$ If Craig saves $$405\mathrm{.}85$ per year in an account paying $0\mathrm{.}04\%$ interest he will be able to buy a $$5000$ car in $84$ years.

The monthly payment on a car loan of $$5000,$ with an interest rate of $0\mathrm{.}33\%$ for $7$ years, will be $$68\mathrm{.}34$ times $12($or $$820\mathrm{.}08$ per month$).$

If Craig saves $$68\mathrm{.}34$ per month in an account paying $4\%$ interest he will be able to buy a $$5000$ car in $7$ years.

The monthly payment on a car loan of $$5000,$ with an interest rate of $0\mathrm{.}04\%$ for $84$ months, will be $$68\mathrm{.}34.$

The monthly payment on a car loan of $$5000$ with an interest rate of $4\%$ for $7$ years will be $$68\mathrm{.}34.$