1.9% interest rate, $16,963 auto loan and 3 year term. what would the monthly payment be?

Question

1.9% interest rate, $16,963 auto loan and 3 year term. what would the monthly payment  be?

wolf1728 · Answer

I found the formula:

wolf1728 · Answer

Is the 1.9% annually or monthly?

anonymous · Answer

monthly

wolf1728 · Answer

payment = .019 + .019/(((1.019)^36)-1) * principal 
payment = .019 + (.019 / .9691129313) * principal
payment = .019 + 332.5690841496
payment = 332.59

Using a payment calculator I get 485.12
So I made a math mistake.

anonymous · Answer

thanks for helping!!

wolf1728 · Answer

Well okay - I'm still searching for my error.

wolf1728 · Answer

payment = .019 + (.019 / .9691129313) * principal
Should be 
payment = (.019 + (.019 / .9691129313)) * principal
Maybe it's there.

anonymous · Answer

i got 654.87

wolf1728 · Answer

r083rt
I went to that online calculator again- I made  mistake by inputting the monthly interest instead of the annual interest.  When I input 22.8 ANNUAL interest I get:
$654.87
you did quite well !!!