Different Annuity

[sunlight212]

If the total cash price of a new car is $30,000 and a down payment of $2,000 is made. What will the monthly payments be assuming a 5 year loan with an interest rate of 12% compounded monthly?

I know i=.01 and n=60 but where do I go from here? Do I use amount of anuity table or the present value of amount anuity?

 

[Denis]

Use this formula:

d = p i / [1 - 1/(1 + i)^n]

p = present value (28000)
n = number of months (60)
i = periodic interest (.12/12 = .01)
d = monthly payment (?)