Rich buys a car for $22,000$22,000 and has two options for financing. The dealership offers either financing of 00% compounded monthly for 5-years, or a $5,000$5,000 cash rebate. If Rich takes the rebate, then he will apply the rebate to the cost of the car and finance the remaining balance with a loan for 5-years at 5.355.35% compounded monthly through the Tiger’s Credit Union.(a) What would Rich’s monthly payment be if he takes the 5-year 00% financing?Monthly payment for 5-year 00% financing = ??(Note: Your answer should include a dollar sign and be accurate to two decimal places)(b) What would Rich’s monthly payment be if he takes the $5,000$5,000 rebate?Monthly payment with $5,000$5,000 rebate = ??(Note: Your answer should include a dollar sign and be accurate to two decimal places)(c) Which of the two options is financially better for Rich? Enter either “1” (for Option 1) if the 00% financing is better or enter “2” (for Option 2) if the $5,000$5,000 rebate is better. (Do not include the quotation marks in your answer.)Best Option is Option ??Rich buys a car for $22,000 and has two options for financing. The dealership offers either financing of 0% compounremaining balance with a loan for 5-years at 5.35% compounded monthly through the…