Car payments may be calculated using this formula: monthly payment=P×(r(1+r)^n)/((1+r)^n−1) Jaden buys a new car for $28,000 The dealer gives her $4,000 for trading in her old car, and she makes an additional down payment of $2,000 She finances the rest at 7% annual interest over 48 months. What will be her approximate monthly payment?