PLEASE KEEP IN MIND FOR DEAL 3 THE DOWN PAYMENT IS $1.00 AND THE 1ST MONTHLY PAYMENT IS 0.01 (1 PENNY) AND PAYMENT DOUBLES EACH MONTH FOR 24 MONTHS (2 YEARS) ALSO IF WRITING, PLEASE HAVE CLEAR AND LEGIBLE WRITING THAT IS EASY TO UNDERSTAND WORDS AND NUMBERS.

1. Suppose you are shopping for a car and find three deals advertised: Deal 1: Make a $10,000 down payment and pay only $100 per month for two years. Deal 2: Just $5,000 down, monthly payments start at a low $50 and increase by $50 each month of two years. Deal 3: Give me $1.00 today and take the car home! Pay 1 penny for the first month. Then double your payment each month. After two years, the car is yours! a. Before you do any calculating, which deal do you think is best? Why? (There is no wrong answer here, just your thoughts...) b. What would your monthly payments be in the second and tenth months if you take the first deal? c. What would your monthly payments be in the second and tenth months if you take the second offer? d. What would your monthly payments be in the second and tenth months if you take the third dealer's offer? e. For each deal, write an algebraic expression that gives the monthly payment. f. Use Excel to calculate your total payments for the 24 months. Set up four columns in your spreadsheet like below. Then tell Excel how to fill in the columns to 24 months. Finally, use the SUM function to add up the payments. Month (down) 1 Deal 1 10000 Payment Deal 2 5000 Deal 3 1.00 24 Total g. Use what your calculations tell you to compare the three deals. Which is best? Which is worst? Use the back of this paper to write your