Monthly loan payment Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $35,000. The dealer has told Tim that if he can come up with a down payment of $5,500, the dealer will finance the balance of the price at a 7% annual rate over 2 years (24 months). (Hint: Use four decimal places for the monthly interest rate in all yourcalculations.)

Tim's monthly payment, if the dealer were willing to finance the balance of the car price at an annual rate of 3.7%, would be?

(Round to the nearest cent.)