Answer:
The monthly payment will be $531.12
Step-by-step explanation:
Consider the provided information.
After paying $5,000 down payment you need to pay:
$29,000-$5,000=$24,000
APR is 2.99% or APR = 0.299%
Therefore,
n = 48
We can calculate the monthly payment by using the formula:
Where P is the monthly payment, PV is the present value, r is the rate per period and n is the number of period.
Substitute the respective values in the above formula we get,
Hence, the monthly payment will be $531.12