Question: John buys a car for $45,000 by making level payments at the end of each month for six years. John is charged an annual nominal

John buys a car for $45,000 by making level payments at the end of each month for six years. John is charged an annual nominal interest rate of 6% compounded monthly on his loans. John repays the loan exactly as scheduled (he does not make any extra, early or late payments). (please do not use excel)

e. Calculate the outstanding loan balance immediately after the 24th payment has been made using the prospective method.

f. Calculate the amount of interest and the amount if principal repaid in the 25th payment.

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