How much will his monthly car payments be if he obtains a loan that is amortized over 60 months, and

Jimmies new car
(see Problem 20) will cost $29,000. How much will his monthly car payments be
if he obtains a loan that is amortized over 60 months, and the nominal interest
rate is 8.5 percent per year with monthly compounding?
Topic: Effective Interest Rates and Loan Arrangements
Level of difficulty: Medium