In order to buy a car, you borrow $25,000 from a friend at 12 percent/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.

a. How much are the monthly payments?

b. How much interest is in the twenty-third payment?

c. What is the remaining balance after the thirty-seventh payment?

d. Three and a half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount for the loan?