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?