Sally Mayfield bought a new Toyota Prius for $18,350. She paid $3,350 as a down payment and she is financing the balance over a 3 year period. The rate is 18.25% interest and she receives an additional .25% discount for purchasing a hybrid vehicle. As her personal banker, calculate the amount of equal monthly payments that will be required by Sally to amortize the car loan. As her personal banker, use the formula provided and a present value table factor of 27.66068, to calculate the amount of equal monthly payments Sally will need to pay to amortize her car loan.
Amortization Payment = Original Amount of Obligation / Present Value Table Factor
What is the monthly payment?