You are considering buying a new car. The sticker price is $55,000 and you have $8,000 to put toward a down payment. If you can negotiate a nominal annual interest rate of 6.75 percent and you wish to pay for the car over a 4- year period, what are your monthly car payments?

Answer:$1,120.03

Please show all work and formulas used when solving with a calculator, not excel.