Financing a Truck Jones Trucking is purchasing a new dump truck for $135,000 plus 5.5% sales tax and $200 in registration fees. Jones will pay $25,000 down and finance the balance. The transaction will occur on October 15, 2016.There are two financing offers: 1. Borrow the funds needed at 4 2. % annual interest on a 6 year loan requiring equal monthly payments. The loan would be fully amortized at the end of the 6 year term. 3. Borrow the funds needed at 4.5% annual interest. The loan would have a 5 year term and would have a balloon payment at the end of the 5 year term of $55,000. Hint - the $55,000 becomes a FV Required: 1 The payment per month on loan option 1 2. The payment per month on loan option 2 The complete amortization schedule for loan option 2 The current and long term liability amounts that would appear on the Dec. 31,2016 Balance Sheet for loan option 2. 3. 4. 5. Interest expense for 2015 under loan option 2 6. The current and long term liability amounts that would appear on the Dec. 31,2017 Balance Sheet under loan option 2