$2.$ You are considering buying a new car from a local dealer $($Dealer $1)$ for $$30,000.$ Dealer $1$ will finance the entire purchase price at $6\%$ interest over $5$ years. Interest is compounded monthly and you must make monthly payments.

What is the most you would be willing to offer another dealer $($Dealer $2)$ for the same car who is offering a financing plan with a $2\%$ interest rate over $5$ years?

Hint: If the loan payments are the same you can assume you would be indifferent between buying from the two dealers.

Explain your answer, including any TVM formulas you used.