what is the monthly loan payment?

Q) Assume you are going to buy a car worth $ 13,500 with a 12% down payment. Calculate the monthly loan payment on the remaining amount (total price - 12% down payment) if paid monthly over 5 years. Assume a car loan rate of 8% compounded monthly. (10 marks) The calculator functions for this step: Set your BAll Plus Calculator to END. Set your P/Y = 12 for monthly payments Set your C/Y = 12 for monthly compounding PV = The initial amount of your car loan (= purchase price - down payment) FV = Zero (in the future your loan balance will be completely repaid) N = 60 (5 years x 12 monthly payments) T/Y = 8 CPT PMT=Your monthly loan payment