Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.

Go to the St. Louis Federal Reserve FRED database, and find data on the interest rate on a four year auto loan (TERMCBAUTO48NS).

FRED.

Assume that you borrow

$27 000

to purchase a new automobile, and finance it with a four year loan at the most recently available interest rate.

For

May, 2018,

the rate on a four year auto loan is

5.05%.

(Enter

your response exactly as it appears on

FRED.)

If you make one payment per year for four years, what would the yearly payment be?

The yearly payment will be a ? payment per year.

(Round

your response to two decimal

places.)