You bought a car priced at $25,000, on November 1, 2020. After a down payment of $3,000, you financed the balance at an annual nominal interest rate of 3% compounded monthly, to be repaid in 60 equal monthly installments, with each payment at the end of the month, and with the first payment on November 30, 2020. (a) Calculate the monthly payment. (b) Calculate the annual effective interest rate. For (i) and (ii) below, calculate the outstanding balance as of December 31, 2021, immediately after you make the monthly payment. (Note: Please count carefully.) (1) Use the prospective approach, i.e., calculate the present value of all future payments. Use the retrospective approach, i.e., calculate the difference of the present value of your loan and the present value of all past payments. (Hint: The answers in (i) and (ii) should agree, except for some round-off discrepancies.)