Answer: $268.86 which is choice B
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Work Shown:
L = loan amount = amount financed = 15000
r = monthly interest rate = (2.9%)/12 = 0.029/12 = 0.00241666666667
n = number of months = 60 (since 5 years = 5*12 = 60 months)
Plug those values into the formula below and simplify
P = (r*L)/(1 - (1+r)^(-n) )
P = (0.00241666666667*15000)/(1 - (1+0.00241666666667)^(-60) )
P = 268.864301358403
P = 268.86
