You plan to buy a car that has a total "drive-out" cost of $22,800. You will make a down payment of $1,596. The remainder of the car's cost will be financed over a period of 4 years. You will repay the loan by making equal monthly payments. Your quoted annual interest rate is 9% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be?

Question 17 options:

	$527.66
	$523.73
	$545.42
	$615.78
	$491.62