Problem:
A man borrows $30,000 to purchase a car. He agrees to pay $1,000 per month. If the interest rate is 12% compounded monthly,
a. How many regular payments of $1,000 are necessary to pay off the loan?
b. What is the size of the last payment made 1 month after the last regular payment?
Additional Information:
This problem is basically from Mathematics as well as it is about calculating the regular payments for a loan taken to buy a car and the size of last payment made 1 month after the last regular payment.