3. You are purchasing a car for $30,000 and will pay $3,000 down payment. The interest rate
is 5% annual. Payments will be made at the end of each month for 5 years.
The loan is fully paid off after the 5 years.
a. Calculate the loan payment
b. Prepare an amortization table covering the first 2 payments.
c. Record the second payment on the loan