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You just bought a new car for $27,718. The car loan contract specifies that the interest rate on your car loan is 4.5% APR compounded

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You just bought a new car for $27,718. The car loan contract specifies that the interest rate on your car loan is 4.5% APR compounded monthly, your down-payment is $2,718, and the term for the loan is 5 years. You must make monthly payments on your loan starting in one month's time. What is the monthly payment? Multiple Choice $5,694.79 $474.57 $466.08 $416.67 O $516.75

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