If you take out a loan for $20,000 with a interest rate of 7% (apr), estimate how much would your monthly payment be if you take a 36 month loan?

Hi, thank you for posting your question here at .

First, convert the rate to monthly interest rate for uniformity of units.

0.07 = (1+(r/12))^12 -1
r = 0.0678 per year compounded monthly*(1 year/12 months)
i = 0.00565

Then, 

20,000 = A[(1-((1+0.00565)^-36))/0.00565)
A = $615/month