Question: You have saved up $7,500 for a down payment for a new 2023 Tesla Model S Plaid! The Model S Plaid is the fastest production

You have saved up $7,500 for a down payment for a new 2023 Tesla Model S Plaid! The Model S Plaid is the fastest production car in a quarter mile—capable of completing the quarter mile in 9.23 seconds with a trap speed of 155mph. It has a total of 1,020hp and launches from zero to 60 in 1.99 seconds. The only real negative is the high cost. However, with the recent price cuts, you will be saving 15k over what the price was at the end of last year. When your special-order car arrives (grey exterior, 21-inch arachnid wheels, cream interior), your highly spec'd option will cost $119,360, plus an additional 7% sales tax. After making your $7,500 down payment, you will be financing the remainder, including the sales tax.

According to the Tesla website, your monthly payment on your 72-month loan will be based on an APR of 5.64%. Your first monthly payment will be made one month after you pick up the car.

What is the monthly payment on the loan?

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