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Question 8. (8 points) You are considering purchasing a car from your local dealer. The sticker price on the car is $18,000. You have two choices to pay for the car. (1) If you purchase the car from the dealer you will receive your "Hofstra Alumni Cash Back Discount" to reduce the price to $16,000. To receive this deal, you have to finance the car through the dealer with 24% APR and monthly payments. (ii) The second option is to take an $18,000 loan from Chase with a 12% APR with monthly payments. If both loans are 5 years in length, which option should you choose, i.e. lower payment? Question 9. (10 points) Suppose you have just opened a savings account at The Bank of Long Island. The bank is offering 4% APR on all savings deposits and your initial deposit of $15,000 is made today. Assume monthly compounding. You MUST use timelines. (i) What is the balance in your savings account today? (ii) What is the balance in your savings account after 1 year? (iii) What is the balance in your savings account after 8 years? (iv) What is the balance in your savings account after 6 months? (v) How long does it take to double your deposit? Do NOT use the Rule of 72