7. a You decide to buy a new truck. The purchase price of the truck is $42,500. You place $10,000 cash down and finance the balance for 72 months at an annual interest rate of 2.75 percent a) Calculate your monthly payment: b) Set up an amortization schedule for the first six months of payment: Month Beginning Amount Monthly Payment Interest Paid Principal Repayment Balance 1 2 3 4 5 6 c) Assume you finance the truck under the conditions above. Later, you want to sell the truck at the end of month 50. What balance would you have to pay if you decided to pay off the truck at the end of month 50