. You are considering the purchase of new car. You have negotiated with the salesperson at the dealership and you can purchase the vehicle for $30,000. You have $8,000 that you can use as a down payment. Prior to going into the dealership, you have set an absolute limit of $375 for the amount of monthly payments that you can make on the car. You are willing to finance over five years but you cannot exceed the payment of $375 per month. The dealer is willing to offer you financing at an annual rate of 6.5% for a 5-year loan, or 5.5% financing on a 4-year loan. a. Can you meet your payment restriction and finance the amount required for the car with a five-year loan? b. What is the maximum you can borrow to meet your payment restriction if the loan is paid off in 5 years? c. Suppose that you are limited to paying $375 per month, but want to pay the loan in 4 years, not in 5 years. What is the maximum amount you can borrow?