A student is buying a new car. The sales tax is 8%, and the title, the car's price is $16,500, the license, and the registration fee is $450 to be paid in cash. The dealer offers to finance 90% of the car's price for 48 months at a nominal interest rate of 9% per year, compounded monthly.
1. Discuss how much cash is paid when the car is purchased?
2. Discuss how much is the monthly payment?