Answer:
$959.68
Step-by-step explanation:
The loan amortization formula can be used to find the payment amount.
A = P(r/n)/(1 -(1 +r/n)^(-nt))
A = payment amount; P = principal borrowed; r = annual interest rate; t = number of years; n = payments per year (and number of times interest is compounded per year).
For a principal amount of $33,000 at an interest rate of 3%, the 36 monthly payments will be ...
A = $33000(0.03/12)/(1 -(1 +0.03/12)^(-12·3)) ≈ $959.68
The monthly payments will be $959.68.
