You are interested in purchasing a new car that costs $35 000. The dealership offers you a special financing rate of 6% APR (0.5% per month)for 48 months. Assuming that you do not make a down payment on the car and you take the dealer's financing deal, then your monthly car payments would be closest to:

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To calculate the monthly payment for a loan, you can use the formula for a fixed-rate loan, which is: Payment = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal amount ($35,000), r is the monthly interest rate (6% APR or 0.5% per month, so 0.005 as a decimal), and n is the number of payments (48 months). Plugging these values into the formula gives a monthly payment of approximately $822.

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