$6$ Problem $3$

Mr$.$ Big Stuff haggles the price of a Cadillac Escalade down to $$116,315.$ The dealer offers the following financing:

$8\mathrm{.}30\%$ APR $($interest rate$)$ with $$3500$ down payment

$48-$month loan with payments made every month

$($a$)(4$ pts$)$ What is the total amount financed $($the initial loan balance $P)?$

$($b$)(12$ pts$)$ How much will Mr$.$ Big Stuff have to pay every month $($pymt$)?$ Round your answer to the nearest cent $(2$ decimal places$).$