Part 2: Consider two options for purchasing a Honda Fit LX in 2020: One was a brand new 2020 model with a manufacturer's suggested retail price (MSRP) of $17,945, and the other was a pre-owned, two-year-old model listed for $15,000. Suppose you have saved $1500 for a down payment and the dealer has already included any applicable fees, including taxes, in the advertised price. You plan on taking 5 years to pay off the loan. This table shows the interest rate for each option: 2020 Honda Fit LX 2018 Honda Fit LX Price $17,945 $15,000 Interest Rate 1.9% 6.9% For both the new and the pre-owned Honda Fit LX options, do the following: 1. Compute the amount to be financed, considering that you have saved $1500 for a down payment. 2. Use the formula for a regular payment on a fixed installment loan to determine the monthly payment. Round your answer to the nearest dollar. 3. Determine the total amount paid when repaying the car loan. 4. Determine the finance charge for each purchasing option. This is the difference between the total amount paid on the loan and the amount financed. 5. Complete the following table. Price Interest Rate 2020 Honda Fit LX $17,945 2018 Hondal Fit LX $15,000 1.9% 6.9% Down Payment Amount Financed Monthly Payment Total Amount Paid Finance Charge 6. The pre-owned car definitely has a lower monthly payment, which might sound appealing when budgetin your expenses. Could you make an argument, usingthe values in your table, that the money borrowed to purchase the pre-owned vehicle is actually "more expensive" than the money borrowed to purchas thenew vehicle? Explain your reasoning.