Assignment:
So you're buying a car. You know that interest today is low. But you found a place where you can earn 1% interest per month. You invest $1000 on the 1st of each month. By the end of the month, that $1000 is now $1010. You keep doing this for 4 months, then take that money to use on a down payment for a car that is $22,323 (incl tax). What is the monthly car payment for this car at 6% annual interest for a 5 year loan?
Provide complete and step by step solution for the question and show calculations and use formulas.