In general, the monthly payment formula is
[tex]M=\frac{P(\frac{r}{12})(1+\frac{r}{12})^n}{(1+\frac{r}{12})^n-1}[/tex]
In our case,
[tex]P=19300,r=0.061,n=3\cdot12=36[/tex]
Where r=6.1%=0.061 and the number of payments is 12months*3years=36 monthly payments. Thus, the answer is
[tex]\begin{gathered} \Rightarrow M=19300\cdot\frac{\frac{0.061}{12}(1+\frac{0.061}{12})^{36}}{(1+\frac{0.061}{12})^{36}-1} \\ \Rightarrow M=588.0182\ldots \\ \Rightarrow M\approx588.02 \end{gathered}[/tex]
The monthly payment is $588.02
