6 QUESTION 2(a) Bill intends to buy a car from a car dealer for a price of $45,000. He has $5,000 of his own money that he can use to pay for the car and is considering financing the remaining amount by taking out a loan from a bank. The bank that Bill approaches is willing to offer him a 5-year loan for $40,000 at 6% per annum that has equal monthly payments covering the principal and interest. Payments will be made at the end of the month. REQUIRED: What is the monthly payment Bill needs to make to pay off the loan? (2 marks)