Monthly loan paymentsPersonal Finance ProblemTim Smith is shopping for a used car. He has found one priced at $ 4100. The salesman has told Tim that if he can come up with a down payment of $1,000, the dealer will finance the balance of the price at an annual rate of 15%over 4years(48months). Use four decimal places for the monthly interest rate in all your calculations.

a.Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be?

b.What would Tim's monthly payment be if the dealer were willing to finance the balance of the car price at an annual rate of 12%?