You bought a used car for $4000 at a nominal interest rate of 24%. You agreed to pay for the car in 12 equal monthly payments, beginning with the first payment at the time of the purchase of the car.

(a) What is the monthly payment?

(b) Immediately after making the 5th payment, you made an arrangement with the company to pay back the rest of the loan with one single payment at the time when the 6th payment was due. What is your sixth payment?