Hana has decided to purchase a new car. she decides to put 15% down and finance the remaining balance. the bank offers hana a 48 month loan at 6.76%. if the car is valued at $28,000, what will her monthly payments be?

Hana decided to pay down payment which is 15% of the total value of the car
DP = be the down payment amount
DP= 0.15 * $28,000
DP=$4200
The bank offers Hana a 48 months loan at 6.76%.
IA=Interest Amount
Solving for the monthly payment is shown below:
MP=Monthly Payment
MP= ((($28,000-$4200)*0.067 ) + ($28,000-$4200))/48 months
MP=(($23800*0.0676)+$23800) / 48 months
MP=$25408.88/48
MP=$529.352
Therefore, the monthly payment is $529.352.