On January 1, Frank Jenson bought a used car for $4200 and agreed to pay for it as follows: 1/3down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.
(a) What is the amount of Frank's monthly payment?
(b) During the summer, Frank made enough money to cause him to decide to payoff the entire balance due on the car as of October 1. How much did Frank owe on October 1?