Post: Answer the questions in Part l and Part l (a - D in your initial post. Clearly explain which funancing choice you would preler and why. You mest show some of your work in order to receive full credit for this discussion. Part 1: You are considering the purchase of a new SUV for $47,484. You have saved $3,500 which you will use as a dowm payment for the purchase. You intend to finance the. remaining cpst of the SUV at 5% compounded monthly for 4 years. a. What is the monthly payment for this vehicle? b. How much of the 1st payment goes toward interest? c. How much of the 48th poyment goes toward interest? d. What is the remaining balance on the loan at the end of the 3rd year? e. How much of the payments made during year 1 go toward repaying the peincipal? 1. How much of the payments made during year 4 go toward repaying the principal? Part II: Whice findiling the purchase of the SUV, vour salesperson tells you about two incentive financing options that are available. Option 1: You can finance the purchase at 0.9% compounded monthly for 5 years and recelve a $500 bonus cash back (added to your down payment) or Option 2. You can finance the purchase at 5% compouinded monthly for 5 years and recelve $2,500 bonis cash back (added to your down payment) g. What is the monthly payment if you choose Option 1? h. What is the monthly payment if you choose Ootion 2? Which of the three financine chokces (Oreginal, Option 1. or Option 2 would you choove? Explain your choice