Answer:
$3,799.20
Explanation:
We presume your formula is intended to be ...
M = Pm(1 + m)^(na)/((1 + m)^(na) - 1)
where M is the monthly payment, m is the monthly interest rate, n is 12, and a is the number of years.
This formula gives written below:
M = 3500·(.08/12)·(1 + (.08/12))^(12·2)/((1 + (.08/12))^(12·2) -1) ≈ 158.30
The total payback will be the sum of 24 of these payments is written below;
payback = 24×$158.30 = $3,799.20