Problem 3: Loan calculations (3 points) A car loan requires 60 monthly payments of $250 and has a 6% APR.! (a) What is the present value of the loan one month before the first payment is due? Present value of loan: (b) A month from now, just after the 1st payment is made, what is the outstanding balance on the loan? Outstanding balance of loan: (c) he loan were modified so that the APR was 09 in the first year and 7.2% in the following 4 years, what would the constant) monthly payment have to be in order for you to borrow the same amount as computed in part (a)? (0 payments in the first year) New monthly payment: Reminder: An X% APR with N payments per year has a per-period interest rate of