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Question: A person buys a truck for 65.000. It will be paid off over a period of 6 years. The interest rate...

Show transcribed image text A person buys a truck for 65.000. It will be paid off over a period of 6 years. The interest rate will be 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 will be adhered to) (c) In the payment of that month what amount goes towards interest and what goes towards principal?

A person buys a truck for 65.000. It will be paid off over a period of 6 years. The interest rate will be 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 will be adhered to) (c) In the payment of that month what amount goes towards interest and what goes towards principal?