Look for financial information on an expensive item to purchase (property or cars). Find out how much it would cost to buy in installment (using funding options provided by the seller or a bank for at least one year or more). Also, obtain information on how much it would cost to buy now (present time). 1. Provide information on cash purchase vs installment plan. Also, provide sources for the information obtained. Include any information you have such as interest rate, APR, or APY, administrative cost, or last payment, if any. ( 2 points). 2. Draw a cash flow diagram using the information on the payment plan. ( 2 points) 3. Use MS Excel IRR function to find the effective interest rate for the payment plan per installment time period (per month). Then, calculate the effective annual interest rate. Compare interest rate with nominal interest given by the funding agency. ( 2 points) 4. Assume that you can obtain a loan from your favorite bank at a 2\% rate. Find the present worth of the installment plan and compare it with the actual cost to purchase cash now. Which one is higher? What is your interpretation? (2 points) This assignment must be typed using any word processor. The use of IRR function in spreadsheets must be included in your submission