Monthly loan payments

"Tim Smith is shopping for a used luxary car. He has found one priced at $40,000. the dealer said there must be a down payment of $4,700, the dealer will finance the balaca of the price at a 7% annual rater over 2 years (24 months)

a.Assuming that tim accepts the dealers offer, what will his monthly (end of month) payment amount be?

b.Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.3%?

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