Trevon had a credit score of 750. he will be bying a new oickuo that costs $38,000 with a down payment of $8,000. calculate his monthly payment plan for a 5 yr payment plan

To solve this problem, we are going to the loan payment formula: 
where
is the regular payment.
is the present value. 
is the interest rate in decimal form. 
number of times the regular payment is made per year.
is number of years.

As  of May 2018, the new car loan rate for a credit score of 750 is 3.59%. Now, to convert the rate to decimal form, we are going to divide it by 100%:

.
Since the down payment is $8,000, we are going to subtract that form $38,000 to get our present value:


We know that the payments are going to be monthly, so . 
Since we are making a payment plan for 5 years, . 

Lets replace the values in our formula:






We can conclude that Trevor's monthly payment will be $546.96