You would like to buy a car which will cost $$9,000$ 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 $0\mathrm{.}6\%$ per month

$($compounded monthly$).$ You plan to pay off the loan in monthly instalments over $8$

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.

Answer: