You purchase an old used car from a friend with agreed upon installments that will be paid out over $5$ years. You will pay them $1400$ today, $$1540,1$ year from now, and $$1000$ per year thereafter for four more years. If your friend onlv charges $0\mathrm{.}35\%$ compounded monthlv. what is the equivalent present value of the car todav? Explain each steps with proper calculations and draw a timeline also $.$