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6. (10 points) Leroy buys a car for 75,000. He makes a down payment of 5000. He then makes 72 monthly payments with the first

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6. (10 points) Leroy buys a car for 75,000. He makes a down payment of 5000. He then makes 72 monthly payments with the first occurring one month from the date of purchase. The nominal rate of interest is 12% convertible monthly. For the first year, his payments are X. In each sequential year, the monthly payments are 10% greater than the year before. Find the amount for each of the last 12 payments. 6. (10 points) Leroy buys a car for 75,000. He makes a down payment of 5000. He then makes 72 monthly payments with the first occurring one month from the date of purchase. The nominal rate of interest is 12% convertible monthly. For the first year, his payments are X. In each sequential year, the monthly payments are 10% greater than the year before. Find the amount for each of the last 12 payments

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