Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,500. He put $1,200 down and financed the rest with a 36-month, 8% loan.

What is his monthly car payment by formula? (Round your answer to the nearest cent.)

Monthly payment $