Question $17$

$5$ pts

You are considering the purchase of a Mini Cooper. The dealer offers you a $"36-$month" $7\%$ APR loan with NO payments for six months. The first payment is due six months from today. THE LAST PAYMENT IS AT THE END OF THE MONTH $36$ MONTHS FROM TODAY. Thus there are $31$ payments. Payments are calculated on a $$28,000$ principal. The car is worth $$28,000.$ How big should the payment be$?$