Question: You are in need of a car. After much research you have decided to purchase a new 2023 Toyota Camry. The list price for the

You are in need of a car. After much research you have decided to purchase a new 2023 Toyota Camry. The list price for the car at the local dealership is $25,945 including tax, title, and license. When you visit the dealership the finance manager provides you with three purchasing options.

Option A: 5.64% APR, compounded monthly, for 72 months with $0 down at the time of purchase Option

B: 0% APR, compounded monthly, for 48 months with $1000 down at the time of purchase Option

C: 5.49% APR, compounded monthly, for 60 months with $5000 down at the time of purchase

For each purchasing option, compute the required monthly payment, the total amount you will have paid for your car, and • for the first loan payment, how much money will go towards interest and how much money will go towards the outstanding balance?

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