To determine Janice Ng's monthly car payment, we need to break the problem into a few steps:

1. Calculate the sale price after the discount: The original MSRP (Manufacturer's Suggested Retail Price) is $33,500, and the dealer offers a 20% discount. Let's first calculate the sale price.

   $\text{Discount amount} = 0.20 \times 33,500 = 6,700$ $\text{Sale price} = 33,500 - 6,700 = 26,800$

2. Add the tax and license fees: Janice will also have to pay additional fees of $1,885.

   $\text{Total amount to be financed} = 26,800 + 1,885 = 28,685$

3. Set up the loan details:

   • Loan amount: $28,685
   • Loan term: 3 years (36 months)
   • Annual interest rate: 5.75%, compounded monthly
   • Monthly interest rate: $\frac{5.75}{12} = 0.47917\%$ or $0.0047917$ in decimal form

4. Use the formula for the monthly payment on an amortized loan:

   $M = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}$

   Where:

   • $M$ = monthly payment
   • $P$ = loan principal ($28,685)
   • $r$ = monthly interest rate (0.0047917)
   • $n$ = number of payments (36 months)

Now let's calculate the monthly payment.Janice Ng's monthly payment on the 3-year loan would be approximately $869.41.

Would you like more details on how the formula works or have any other questions?

Here are 5 related questions for further exploration:

1. How much total interest will Janice pay over the life of the loan?
2. What would her monthly payment be if the interest rate were 4.5% instead of 5.75%?
3. How would her payment change if she chose a 5-year loan instead of 3 years?
4. What is the difference in total cost between paying cash versus taking the loan?
5. How does the monthly compounding affect the total amount paid compared to annual compounding?

Tip: When considering loans, always pay attention to both the interest rate and the loan term to understand the total cost.