5. You graduated from Humber college and just got your first job. Your employer hired you as you have a great reputation of high ethical standards. You never cheated or plagerized any of your assignments or mid term exams. To celebrate your new job, you decide to purchase a high end sports car. The car has a sticker price of $78,000 You go to the dealership and they propose two options for you (a) An immediate down payment of $4,000, with a monthly compounded APR of 5.24% over five years. This option also includes a $10 Starbucks gift card as well as a $6,000 cash back offer when you sign the deal (b) Requires an immediate down payment of $3,000, with a monthly compound APR of 1.27% over 5 years. This option includes a $15 Starbucks gift card but no cash back offer when you sign.

What would be the monthly payments for each option, and which option would you select.