Jody has been dreaming to purchase a car for $22,000 i. Calculate the monthly payment for the vehicle using each of the four financing options provided below. Summarize your calculations, which option would he choose? Explain how this choice will benefit him financially in future ii. Option 1 The loan is for 6 years Option 2 The loan is for 5 years Option 3 The loan is for 4 years Option 4 The loan is for 3 years (36 months) and the (72 months) with an (60 months) and the (48 months) and the interest rate of 3.9% interest rate is 4% interest rate is 3.5% interest rate is 3.39% compounded quarterly. compounded daily (365 compounded days). compounded annually. continuously. iii. A financial expert suggests that your car payment be no more than one-fifth of your take-home pay. Given the car he chose above, what annual salary would he need to make to comfortably afford the car?

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