John is buying a new truck. The truck’s price is $30,000. The sales tax is 7% of the truck’s price and the title, license, and registration fee is $550 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 6% per year, compounded monthly.
How much cash is paid when the car is purchased including sales tax, title, license, and registration fee?
How much is the monthly payment?