hiva wanted to buy a new car. It was $20,000, and he financed it at 5.5% APR for 5 years with $0 down (so no down payment). Shiva's friend Devin uses the I=PRT formula and tells Shiva that he will be paying $5500 total in interest. Devin then adds that amount to the principal, and divides by 60 to determine the monthly payment