Instructions Complete the below questions and submit when completed 1. Indicate whether the following costs are a fixed or variable cost for a car: Depreciation, fuel, insurance, licensing fees, tire repair, taxes, oil change, new car battery 2. Use the following TVM solver to answer this question. It is recommended that you write and indicate the values you use in the TVM solver on your assignment to help show your work. Suppose a new car with a purchase price of $25,150 can be bought or leased at an interest rate of 5.6%, compounded monthly for 48 months. The down payment on the purchase is 10% of the purchase price or $2,515, while the down payment on the lease is $1,040. The residual value for the lease is $14,750. There is a similar car on the lot that is two years old, selling for $17,500. The down payment required on the used car is $1,750. - Determine the monthly payment for each of the three options if the terms of each loan are the same. - Determine the total amount of interest paid on each loan. - Determine the total amount paid for each of the three options, including principal, interest, and down payment. Start 3. The Suri family has decided to buy a car. The car has a MSRP of $24,500. They wish to get several upgrades that will cost $2,654. They have negotiated a $2,800 discount from the MSRP. Freight costs $800. They must pay a fuel-efficiency tax of $500 and an air conditioner tax of $90. The dealer is charging a non-taxable administration fee of $45. Licence fees (non-taxable) cost $80, and gas (also non-taxable) costs $50. Calculate the total amount, including taxes, that the Suri family must pay the dealership. (Note: Tax is 13%.)