Suppose that you want to borrow $50,000 to pay for a new car. The car dealer has offered to lend you this amount at an interest rate of 0.3% per month for 36 months. To pay back this loan, you must make 36 equal monthly payments, with the first payment due one month from today. 

How much will 'each of your monthly payments be?

Answer rating: 100% (QA)

To calculate the monthly payment for a loan you ca... View the full answer