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Q2) (40 points) A time line might be helpful to you; (you can do part d, e and f even if you could not do a, b and c).~ Damir bought a used car for $12,000; he financed it with a six-year (6 years) bank loan at APR of 8% compounded monthly. After 2-year, Damir got very good job and decided to sell his used car and pay off the loan. Damir wants to buy a brand-new BMW.~ a) What is Damir monthly payment on his used car? ~ b) What is the outstanding loan that Damir has to pay to the bank when he sells his used car? ~ c) What is the dollar amount interest paid over the first two years when he pays his outstanding loan?- d) Calculate the EAR and Effective Monthly rate for Mr. Damir bank loan. ~ e) Clearly explain the difference and similarity between EAR and APR.~ f) When we compare loan what we use? If another leader offers Damir APR 8.25% compounded annually which loan Damir should take and why