Victor visited a Honda showroom one year ago to check 2020 CRV Sport car price, and it was $41,000 everything included. The interest rate on offer that time was 2.99% APR monthly compounding for 5 years financing option. Victor had $7,000 down payment for the purchase, but he didnt buy the CRV that time.

Victor recognized car dealers are giving a lower interest rate these days. When he just visited the same showroom today, Victor discovered the cars price is still the same, but the interest rate decrease to 1.99% APR monthly compounding. Victor still have $7,000 to be used as down payment for the car purchase.

Calculate the monthly payment if he buys today with 5 years financing, assuming there is no negotiation.

Would Victor have made more or less monthly payment if he has more down payment amount to make towards the purchase? Please explain.