The formula to calculate the monthly payment for a loan is: where M is the monthly payment, P is the amount of the loan, i is the monthly interes rate, and n is the total number of months of the loan. $218.84 M=P Alison wants to borrow $12,000 for a new car. If the annual interest rate for a 60-month loan is 3.6% what will Alison's monthly loan payment be? $42.35 i(1+i) (1+i)-1 $411.73

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