A loan of 25,000 is amortized at 3% compounded monthly for 5 years.

a. Find the regular level payment.

b. Find the amount of the last fractional payment, assuming it is paid at month 60.

c. How much interest is paid on the loan?

d. If 450 is paid each month on the loan, when will the loan be paid off and how much will the last fractional payment be?

e. How much interest will be paid on the loan under this new payment plan?

f. How much will be saved if 450 is paid instead of the regular level payment found in part a.