Question: Problem 6 (Loan Payments, 7 points in total). You are buying a Ford 150 with purchase price (in total) $35,000. You have $10,000 for the

 Problem 6 (Loan Payments, 7 points in total). You are buying

Problem 6 (Loan Payments, 7 points in total). You are buying a Ford 150 with purchase price (in total) $35,000. You have $10,000 for the down payment and are borrowing the remaining $25,000 with a 5 year loan. The loan has APR 6% with equal monthly payments (monthly compounding, m=12) starting one month after you take possession of the Ford. What is the monthly payment on the loan? (Hint: the monthly payments fully pay off the loan by the end of the 5 years.) Write down your calculator entries for N, I/Y, PV, FV, and your answer from CPT PMT. You will record your answers in three parts to this problem. Part A (Here). Please indicate your calculator entry for N and I/Y, where N is a simple integer (e.g., 10 for 10 periods), and I/Y is recorded as x.x (to one decimal, recorded as percentage points per the calculator, e.g., 5.0 for 5%). N= I/Y=

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