28. The monthly lease payment, Pmt, of a new car can be calculated by:

where Pv and Fv are the present value and the future value (at the end of the lease) of the car, respectively. N is the duration of the lease in months, and i is the interest rate per year. Consider a 36-months-lease of a car with a present value of $38,000 and a future value of $23,400. Calculate the monthly payments if the yearly interest rates are 3, 4, 5, 6, 7, and 8%. To carry out the calculation, first create a five-element vector with the values of the interest rates (0.03, 0.04, ...). Then use the vector in the formula using element-byelement operations.