solve question 15 asap with explanation 15. A new employee charged $3120 on his credit card to relocate for his first job. After noticing thatthe interest rate for his balance was 18% compounded monthly, he stopped charging on thataccount. He wishes to pay off his balance in 3 years using automatic payments sent at the end ofeach month.a. What monthly payment must he make to pay off the account at the end of 3 years?b. How much total interest will he have paid?16. A student borrows $58,600 at 6.0% compounded monthly. Find the monthly payment and totalinterest paid over a 25-year payment plan.17. Large semitrailer trucks cost $90,000 each. A trucking company buys such a truck and agrees topay for it by a loan that will be amortized with 8 semiannual payments at 10% compoundedsemiannually. Complete an amortization schedule for the first four payments of the loan.Fill out the amortization schedule below.(Round to the nearest cent as needed. Do not include the $ symbol in your answers.)Payment Amount ofNumberInterestApplied toPrincipalBalancePaymentPayment$90,000$$$enter yourenter your1enter yourenter yourresponseresponseresponse hereresponse hereherehere

15) In the given question, Principle = $3120 Rate of interest = 18% compounded monthly. n = 12 t =…

15. A new employee charged $3120 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 18% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid?