2. You give a loan to your friend to buy equipment for his business. The friend puts $5000 of their own money as a down payment, you lend them $11,000. The equipment is $16,000 total. You will charge your friend 5.0% Interest every year and will collect monthly payments for 72 months. Inflation is 1.7% per year, constant for 7 years.

2a. What is the monthly payment you will collect?

2b. What is the total amount of payments you will collect?

2c. What is the vehicle worth at the end of the loan term if it depreciates in value at $150 each month?