Mr. Nelson bought a car for $20,000 with a 5% interest rate.

a.) Mr. Nelson gets a loan to pay the car off in 48 months. How much interest would he have to pay? Show your work. (2 points)

b.) Suppose Mr. Nelson paid the loan off in 3 years. How much interest would he save paying the car off early (3 years instead of 48 months)? Show your work. (2 points)