to solve the problem, use the formula:
A = P (i ( 1 + i)^n) / ((1 + i)^n - 1)
where A is the yearly payment
P is the principal amount of money
i is the annual percent rate or APR
n is the number of year
A = ( 16,450) ( 0.029( 1 + 0.029)^5)) / ( 1 + 0.029)^5 - 1)
A = 3581.68
and her payment per month is
m = 3581.68 / 12
m = $ 298.47 per month
