Question: Sometimes we know the present value But don't know the cash payment Example: My recent carloan I knew how much I need to borrow Didn't

Sometimes we know the present value

But don't know the cash payment

Example: My recent carloan

I knew how much I need to borrow

Didn't know the monthly payment going in to be

Terms:

$36,000

48 month loan

3.1%yearlyinterest rate

What is my monthly payment?

Please clearly write out all steps/calculations and equations.

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