After graduation you borrow $20,000 from a bank to buy a car at 12% compounded quarterly. The term of the loan is 5 years and you have to make monthly payments. a) What is the amount of your monthly payment? b) At the end of the third year you receive a bonus from your company that is enough to pay off the loan. You still have not done the payment that corresponds to the last month of the third year. How much is amount that you will need to pay off the balance at the end of the third year of the loan?