You have a $ 50,000 automobile loan that you took on when you bought your new Porsche. The loan has to be paid off in equal monthly installments over the next 36 months, with each installment including both interest and principal.

A- Estimate the monthly payment assuming a 1% monthly interest rate.

B- At the end of 1 year, how much would you still owe in principal on the loan?

C- If you pay 1% a month, what is the annualized interest rate on the loan?