3. A used car is advertised for $13,000. Since you dont have that kind of cash in the bank, you need to get a loan to buy it. The bank is willing to loan you the money at 16% with monthly payments over 4 years. How much will you need to pay each month? Hint: you will need to convert the 16% to a monthly rate. (for the timeline it may be good to write instead of each payment)

N	I/Y	PV	PMT	FV

Timeline: