Problem
A person buys a truck 6s,000. It will be paid off over a period of6 years. The interest rate will 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 wi 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.