Suppose that you borrow $17,000 for fourfour years at

6%

toward the purchase of a car. Use

PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFractionPMT=Prn1−1+rn−nt

to find the monthly payments and the total interest for the loan.

 

 

Question content area bottom

 

Part 1

 

The monthly payment is

$enter your response here.

 

(Do not round until the final answer. Then round to the nearest cent as needed.)