The salesperson offers, "Buy this new car for $25,000 cash or, with appropriate down payment, pay $500 per month for 48 months at 8%interest compounded monthly." Assuming that the salesperson does not offer a free lunch, calculate the "appropriate" down payment. a) $1, 568 b) $4, 519 c) $5, 127 $8, 066 You want to go to a Ph.D. program in three years. You want to save some money to pay for application fees. If you put $900 in a savings account now that yields 10% compounded semiannually, how much money will you have in the account in three years? (You deposit $900 only once, now) a) $1, 340 b) $1, 170 c) $1, 227 d) $1, 206