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1. value: 1.00 points RBC Royal Bank approved a four-year $20,000 Royal Buy-Back Car Loan to Zaman at 7.5% compounded monthly. The monthly payments are

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1. value: 1.00 points RBC Royal Bank approved a four-year $20,000 Royal Buy-Back Car Loan to Zaman at 7.5% compounded monthly. The monthly payments are to reduce the balance on the loan to the Royal Bank's guaranteed buy- back value of $7250. Calculate the monthly payment. (Round your answer to the nearest cent.) PMT

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