1. John borrowed $60,000 to purchase a new farm equipment. The loan was for 5 years at a nominal rate of 3% per year com

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1. John borrowed $60,000 to purchase a new farm equipment. Theloan was for 5 years at a nominal rate of 3% per year compoundedmonthly. John has been making equal monthly payments on the loan.He just made his 24th payment.
a) (4 points) What is John’s monthly payment?b) (6 points) How much of the loan has been repaid immediatelyafter the 24th payment?c) (6 points) How much of the first payment was interest? How muchof John’s next (25th) payment is interest?d) (6 points) If John decides to pay off the loan at the time ofhis next (25th) payment, how much would hehave to pay?
please show work, thank you in advance!