A loan of $20,000 to purchase a car at annual rate of interest of 6% will be paid back through monthly installments over 5 years, with 1st installment to be made 1 month after the release of the loan. What is the monthly installment?

(a.) with the 1st installment to be made 1 month after the release of the loan. What is the monthly installment?

(b.) with the 1st installment to be made Right after the release of the loan. What is the monthly installment?

Please show all work, do not use Excel!