Problem
A person buys a truck for 65.000. It will be paid off over a period of 6 years. The interest rate will be 6% per year compounded monthly.
(a) What are the monthly payments?
(b) What is the "Unpaid Balance" at the end of the fourth year (We assume the payment schedule will be adhered to)
(c) In the payment of that month what amount goes towards interest and what goes towards principal?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.