Select the correct answer

Taylor wants to purchase a car with an auto loan. He can get a 48-month loan from his bank that is compounded monthly at an annual

interest rate of 7. 9%.

Suppose Taylor needs to obtain a loan for $19,076 to purchase the car.

Use the formula for the sum of a finite geometric series to determine Taylor's approximate monthly payment.

P= F p (i)

—————-

1-(1+i) -n