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