Monthly loan payments Tim Smith is shopping for a used car. He has found one priced at $5,500. The dealer has told Tim that if he can come up with a down payment of $700, the dealer will finance the balance of the price at a 14% annual rate over 3 years (36 months).

Assuming that Tim accepts the dealer's offer, what will his monthly (end-ofmonth) payment amount be?

Tim's monthly (end-of-month) payment amount is $