Personal Finance Problem Tim Smith is shopping for a used car. He has found one priced at $5,800. The salesman has told Tim that if he can come up with a down payment of $1,200, the dealer will finance the balance of the price at an annual rate of 15% over 22 years (24months). 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

9%?