To buy a compact car, Howard borrowed $20 000 on a loan that charged 2.4% compounded monthly. He agreed to make end of the month payments for four years.

What is the size of the monthly payment?

For the first payment, how much of the payment is interest?

For the first payment, how much of the loan is repaid?

After the first payment, how much of the loan remains to be paid?

For the second payment, how much of the payment is interest?

For the second payment, how much of the loan is repaid?

After the second payment, how much of the loan remains to be paid?

Make an amortization table for this case.