Note: Please show all working out and all steps, including which formulas were used $($e$.$g$.$ present value of a series of deposits$)$Maria has a monthly budget surplus of $$4,500($before care loan repayments$),$ Her major assets and liabilities are a car of $$45,000,$ a car loan of $$40,000,$ cash in bank is $$2,500.$

Question $1$: Maria wants to repay her car loan of $$40,000$ within $3$ years. Assess the objective of repaying the car loan within $3$ years $($assume the interest rate is $8\%).(2$ marks$)$

Question $2$: Discuss the scope to establish a savings plan for Maria as she wants to work overseas for a period of one year $($assume the required savings goal is $$38,000$ and the interest rate on savings is $5\%)(5$ marks$)$