Homework 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? 2) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan is taken. The loan is for 6 years (72 months) and the interest rate is 5.9% compounded monthly. a) What is the monthly payment? b) How much interest will be paid over the term of the loan? 4) $10,000 is still owed on a car loan. The loan has an interest rate of 2.9% compounded monthly and calls for monthly payments. The current payment is $200 per month. How long will it take to pay the loan off? Round to the nearest month. 5) Anthony can afford $250 per month for a truck payment. What size of a truck loan can he take if he plans to finance at: a) 6 years (72 months) at an interest rate of 6% compounded monthly? b) 5 years (60 months) years at an interest rate of 6% compounded monthly