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You have decided to buy your first car and settled on a Hyundai Elantra GT for $23,000 plus 13% HST or $25,990. You have a

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You have decided to buy your first car and settled on a Hyundai Elantra GT for $23,000 plus 13% HST or $25,990. You have a down payment of $6,000, but need to finance the remaining $19,990. Hyundai financing is offered at 2.49% APR, and since you plan to pay monthly, the dealership will compound this rate monthly. Required: Calculate the monthly loan payments if the loan is amortized over 60 months. Round your final answer to 2 decimal points. (4 marks)

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