Question: or why 3. (15 points) After accepting your first job after graduation, you have decided to use your signing bonus to purchase a car. The

or why 3. (15 points) After accepting your first job after graduation, you have decided to use your signing bonus to purchase a car. The dealer has a special promotion such that if you finance at least $25,000 they will give you a 5 year loan with an APR of 1.5%. Assume that you take them up on their offer and finance exactly $25.000. (a) (5 points) What will your monthly payment be on this loan? (b) (5 points) What will your ending balance on the loan be at then end of your second month of payments? (c) (5 points) Now assume that you decide to pay an additional $150 per month on the loan applied directly to principal). How much faster in months) will you pay off the loan with this strategy compared to the orginal 5 year term

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