Monthly loan payments Tim Smith is shopping for a used car. He has found one priced at $4,500. The dealer has told Tim that if he can come up with a down pay ment of $500, the dealer will finance the balance of the price at a 12% annual rate over 2 years (24 months). a. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of month) payment amount be? b. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at a 9% annual rate