1) One is purchasing a new car at the price of $30,000 with a financing option: $5,000 down payment and an annual interest rate of 3% (APR) compounded monthly over 5 years. What is the monthly payment?

2) John Smith borrowed $10,000 student loan @ 6% interest rate (APR) to be compounded 'monthly:

1. John plans to pay it off in 5 years, what is his monthly payment?

2. If John plans to pay it off via five annual payments, how much should he pay every year?

3. John has two years to graduate and he plans to pay off his student loan monthly in five years after he graduates, what will his monthly payment be?