You are in the process of purchasing a new automobile that will cost you $27,500.The dealership is offering you a $2500 rebate (applied toward the purchase price). You have been pre-approved for an auto loan through your local credit union at an interest rate of 6.5% for 48 months.

- If you take the $2500 rebate and finance your new car through your credit union, your monthly payments will be closest to:

answer: $593

How do you get this and what are the formulas? (Not done in excel)