1. Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. What initial principal will this repay? 2. I'm looking for the formula that would be used to calculate it and how to apply it. 3. My attempt - P*0.075= $500[1-(1+0.075)^(-48) I calculated 48 by 4 years multiply by 12 My answer is 6459.50. Am I right or somewhere in the ball park? If I am wrong can you explain with what formula should be used?