1. You borrowed $5,000 from the parents to buy the used car. You have agreed to make payments of $250 per month plus the additional 1% interest on unpaid balance of loan.
a. Is this problem the example of the geometric series or the arithmetic series? Support the answer mathematically by applying concepts from this unit.
b. Determine first year%u2019s monthly payments which you will make and unpaid balance after each month.
c. Determine total amount of interest paid over term of loan.