Fred is interested in buying a car which costs $21,000. The dealer tells Fred that if he pays $2,000 in cash up front, the dealer will finance the rest of the purchase price (so a $19,000 loan). The dealer says he’ll charge a 3.25% interest rate, payable monthly, for a loan due in three years. What is the monthly payment Fred will be paying if he elects to accept this financing from the dealer?
Solve using a financial caltulator (fv, pv, i/yr, etc. )