Consider a $$8,800$ loan with payments every month, an APR of $6\%,$ and a loan term of $10$ years.

a$.$ Construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $$97\mathrm{.}70,$ the loan balance reaches $$0$ after $120$ months.

b$.$ How much interest is paid in the first month of the loan? How much is paid toward the principal in the first month of the loan?

c$.$ How much interest is paid in the last month of the loan? How much is paid toward the principal in the last month of the loan?Consider a $$8,800$ loan with payments every month, an APR of $6\%,$ and a loan term of $10$ years.

a$.$ Construct a table showing the interest payment and loan balance after each month. Verify that, with monthly payments of $$97\mathrm{.}70,$ the loan balance reaches $$0$ after $120$ months.

b$.$ How much interest is paid in the first month of the loan? How much is paid toward the principal in the first month of the loan?

c$.$ How much interest is paid in the last month of the loan? How much is paid toward the principal in the last month of the loan?

You must decide whether to buy a new car for $$23,000$ or lease the same car over a three$-$year period. Under the terms of the lease, you can make a down payment of $$1000$ and have monthly paymen of $$200.$ At the end of the three years, the leased car has a residual value $($the amount you pay if you choose to buy the car at the end of the lease period$)$ of $$12,000.$ Assume you can sell the new car a the end of the three years at the same residual value. Is it less expensive to buy or to lease?