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3. Lisa Carr purchases a truck $55200 and plans to pay for the vehicle through the dealership's financing plan. She makes monthly payments on

3. Lisa Carr purchases a truck $55200 and plans to pay for the vehicle through the dealership's financing plan. She makes monthly payments on this balance for 5 years and the financing rate is 5.20% compounded monthly. What will Lisa's monthly payments need to be to pay off her balance in 5 years? (3 marks) Annuities FOR SIMPLE INTEREST 1=pxrxt For COMPOUND INTEREST A = P(1 + i)" FUTURE VALUE OF AN ANNUITY (1+1)"1] PRESENT VALUE OF AN ANNUITY PV=R 1-(1+1)

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