A new car is purchased and a $30,000 loan is taken. The loan is for 7 years (84 months) and the interest rate is 2.9% compounded monthly. What is the monthly payment?

When rates are expressed as a quantity of 1, such as 2 feet per second or 5 miles per hour, they are called unit rates. if you have a multiple-unit rate such as 120 students for every 3 buses, and want to find the single-unit rate, write a ratio equal to the multiple-unit rate with 1 as the second term.