After a long confinement period, you are looking for a tour around the world. To finance your dream, the bank Take It For Granted offers you a $58,600 loan in the form of a 60-month fixed payment at an annual rate of 5.2%.

(a) Compute what the monthly payment will be.

(b) Compute the interest and the principal repaid for month 1, 15 and 45.

(c) Describe and explain the observations you are able to make over the differences you can identify on the amount of principal being repaid and the amount of interest between month 1 and month 45.