You have purchased a used car for $3000 with a loan at 6% APR, compounded monthly. You have agreed to repay the loan in 12 equal beginning-of-month payments. After you have made six payments, one of your friends has shown interest in purchasing the car from you when the next payment is due. Your friend is willing to close the loan when the next payment is due and pay you additional $1000. What is the total cost of the car to your friend when he purchases the car from you? Price of the car is $3000, monthly payment = $X (?) 1. Solve the "Used Car Purchase" problem discussed in the first lecture with the following changes: (i) (ii) (iii) The payments are to be made at the end of each month. Therefore, no down payment is required. Estimate the monthly payment. The new owner takes the car when the seventh payment is due with additional payment of $1000 to the owner. Estimate the interest payment and payment towards principal made in the first monthly Payment.