You have taken out an automobile loan for $20,000 at an APR of 8% to be compounded monthly. The payments are to be made monthly over 3 years

1. Use your formulas to determine the monthly payment. Show your work with simple equations

2.Construct a table as at the end of Class Notes-3, showing, for each period, the period, interest paid in the period, payment in the period, payment to principal in the period, and loan balance