You just graduated and you decided to purchase a new sports car to enjoy your newfound freedom. Your local credit union will provide financing for 72 months at an 18.8 percent annual rate, compounded monthly. The drive-out price of the car you are buying is $37,500. You must make a 10% down payment (i.e., you must pay the dealer $3,750 immediately) and then you will finance the remaining 90 percent of the purchase price with your credit union (i.e., with a 72-month loan at a rate of 18.8 percent p.a., compounded monthly). If your first payment is due exactly one month from today, what will be your required monthly payment