Answer Problem 2 Please

1. You want to borrow 40,000 to buy a landcruiser. The APR is 12% compounded monthly. The bank wants you to pay equal amounts every period over the next four years. The loan will be fully paid when the last payment is made. How much is the monthly payment amount for the next 48 payments?

Problem 2. Use same data as in problem 1

Immediately after making the 24th monthly payment. you decide to buy a new car. You want to pay off the remaining balance with a single check. How much is the remaining balance?

Monthly payment pmt Loan (1-(1/(1+rAn))/r 40,000((1-(1/(1.01448))/0.01] -$1,053.35