1. The problem is to find the monthly payment for a $29000 car loan with annual interest rate 3.4%, compounded monthly, over 6 years (72 months). 2. First, convert the annual interest rate to a monthly interest rate by dividing by 12: $$i = \frac{3.4}{100 \times 12} = 0.0028333$$ 3. The total number of payment periods is $$n = 6 \times 12 = 72$$ months. 4. The loan amount (principal) is $$P = 29000$$. 5. Monthly payment formula for a loan with compound interest is: $$M = P \times \frac{i (1+i)^n}{(1+i)^n - 1}$$ 6. Substitute values: $$M = 29000 \times \frac{0.0028333 \times (1+0.0028333)^{72}}{(1+0.0028333)^{72} -1}$$ 7. Calculate powers and simplify inside the formula: $$ (1 + 0.0028333)^{72} = 1.221392$$ 8. Calculate numerator and denominator: Numerator: $$0.0028333 \times 1.221392 = 0.0034591$$ Denominator: $$1.221392 - 1 = 0.221392$$ 9. Calculate fraction: $$\frac{0.0034591}{0.221392} = 0.015623$$ 10. Calculate monthly payment: $$M = 29000 \times 0.015623 = 453.07$$ The monthly payment will be $453.07.