You wish to purchase a car in one year. You currently have $2000 to put towards the cars down payment and access to an account that earns 7%, compounded quarterly. You plan to have $4,000 for the down payment when you purchase the car and the expected price of the car is $20,000.

(1) How much do you need to deposit into your account each quarter over the course of this year to have enough for the down payment?

(2) If you borrow to purchase the car at a rate of 5% and make equal monthly payments for 4 years to pay back the car, what will your car payment be?

(3) How much will you still owe on the car after making the payments from part b) for 2.5 years?