Question 3 You borrow $11,000 from a credit union to help finance a car. They say that your repayments will be $500 a month for 24 months. (i) What is your total interest payment on this loan? What is the equation for the monthly interest rate of this loan? (iii) Use a spreadsheet to find the solution of the interest rate equation to 4 decimal places using bisection. (iv) What is the APR of this loan? (v) Use your answer for the interest rate to evaluate the outstanding balances on the loan after each payment and determine what final payment will pay off the loan