Ross purchased a new commercial vehicle today for $20,000 inclusive of all tax and dealer fees. He made a $1000 down payment and the balance on the car was financed with using a 5 year loan with a 3% interest rate.

1. What is the monthly payment starting at the end of the first month if interest is compunded monthly?

2. What is the monthly payment if payments begin immediately at the time the loan is issued and interest is compunded monthly?

3. What is the amount of payment if interest is compunded annually and annual payments are required starting at the end of the first year?

4. What is the payoff balance at the end of one year after making the first annual payment at annual compunding, if Ross wants to pay off the loan completely?