3. (25 Points) The monthly payment necessary to clear (or settle) a car loan can be determined using P=1(1+R)ntAR. In the formula, P represents the payment amount, A stands for the initial loan amount, t is the loan's duration in years, R is the yearly interest rate, and n is the number of payments each year. Determine the monthly payment needed to settle a $125,000 car loan with an annual interest rate of 5.5% over a 30 -year period. a. How much total interest will be paid over the life of the loan? b. If the loan is paid off in 20 years instead of 30 , how much would the monthly payment be? c. How would the monthly payment change if the interest rate were to increase by 1% ? d. If one decides to make quarterly payments instead of monthly, what would be the amount of each payment