YouYou are thinking about buying a new car, for which you have negotiated the price to $28,000. You have $3,000 to put towards the down payment and plan to get a loan for the rest. If you are offered a loan at a 4.5% annual interest rate for 60 months, what will be your monthly car payment?To calculate the monthly car payment, we can use the following formula:PMT = P * r / (1 - (1 + r)^(-n))where:P = loan amount = $25,000 ($28,000 - $3,000) r = monthly interest rate = 4.5% / 12 = 0.375% n = total number of payments = 60Using the given formula, we can plug in the values and calculate the monthly payment:PMT = $25,000 * 0.00375 / (1 - (1 + 0.00375)^(-60))PMT ≈ $464.24Therefore, the monthly car payment will be approximately $464.24.