Nonannual

compounding using a

calculator)

Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow

$31,000

to pay for his new car. How large will Jesse's monthly car loan payment be if he can get a

5-year

60

equal monthly payments) car loan from the university's credit union at an APR of

9.1

percent compounded monthly?

Jesse's monthly car loan payment will be

$