Suppose that a loan of 8000 is given at an interest rate of 7 compounded each year. Assume that no payments are made on the loan.
Follow the instructions below. Do not do any rounding.

Adan has decided to purchase an $9000 car. he plans on putting 20% down toward the purchase and financing the rest at 7.9% interest rate for 3 years. find his monthly payment a) $225.29 b) $298.81 c) $204.78 d) $236.89