Question: 1. A man buys a car for $36,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make

1. A man buys a car for $36,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 36 months, how much must he put down?
2. A woman buys a car for $40,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $700 for 3 years, how much must she have for a down payment?

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