We have to calculate the monthly payments for an annuity of $34,000 with a 2% interest rate for 60 months.
We then can express the monthly payment as:

where PV = 34000, r = 0.02 (the annual interest rate in decimal form), m = 12 (number of subperiods per year) and n = 5 (the number of annual periods).
We can replace with the values and solve for PMT as:

Answer: the monthly payments will be approximately $595.94.