You would like to buy a car which will cost $18,000 including registration and insurance. You have not saved any money and so will need to

borrow the entire amount as a personal loan. The interest rate on the loan is 0.4% per month (compounded monthly). You plan to pay off

the loan in monthly instalments over 5 years with the first loan payment to take place in exactly one month. As such, the personal loan

payments can be calculated using the same method used in the course material. Calculate your monthly loan repayments (to the nearest

dollar). Please do not include dollar signs or commas in your answer.