Question: You are borrowing $ 2 0 , 0 0 0 to purchase a vehicle. You will repay the loan with equal monthly payments over 5

You are borrowing $20,000 to purchase a vehicle. You will repay the loan with equal monthly
payments over 5 years at 3.6% interest compounded monthly. Round all answers to the nearest cent.
a. What is your monthly payment?
b. Create a balance sheet for the first 6 payments.
c. What is the total of all payments made when the loan has been completely paid off? (n times PMT)
d. How much interest was charged? (total of all payments minus original loan amount)
You are borrowing $20,000 to purchase a vehicle. You will repay

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