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3. Suppose you bought a $60,000 truck which is 100% financed at 7% annual rate for 5 years. a. How much will your monthly payments

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3. Suppose you bought a $60,000 truck which is 100% financed at 7% annual rate for 5 years. a. How much will your monthly payments be? [4 marks] b. Prepare a loan amortization schedule. You can use MS Excel to generate the schedule. [12 marks] c. After 5 years, how much of your total payment is interest? [4 marks]

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