Michelle bought a new car for $34,000. She paid a 20% down payment and financed the remaining balance for 60 months with an APR of 5.5 %. Determine the monthly payment that Michelle pays. Round your answer to the nearest cent, if necessary. Formulas Answer How to enter your answer (opens in new window) 2 Points Number of Fixed Payments Required to Pay Off Credit Card Debt | A PMT -10[1-E (MM) lug(1+) n R= Monthly Payment Formula for Fixed Installment Loans PMT = (P. [-(1+1) 1- Maximum Purchase Price [1-(1+..)" 1 maximum purchase price = PMT