Answer:
$66.80
Step-by-step explanation:
The monthly payment can be computed using the pmt formula in excel spreadsheet as shown below:
=pmt(rate,nper,-pv,fv)
the rate is the interest rate of 3.5% divided by 12 months to show interest rate per month
nper is the number of months it would take to complete the payments which is 4 years multiplied by 12 months i.e 48 months
pv is the cost of the gadget at $2,988
fv is the sum of all month payments which is not unknown
=pmt(3.5%/12,48,-2988,0)=$66.80
