James wants to purchase a 2017 Porsche 911 for $120,000. Two financing options are available for him
option 1: 6% APR compounded monthly $20, 000 down payment and 60 equal monthly payments:
option 2: 5% APR compounded continuously, $10,000 down payment and 36 equal monthly payments.
a) What is the monthly payment for each of these financing options?
Do not use Excel! Also, show cash flow and as much work as possible!