If you take out an $7,000 car loan that calls for 60 monthly payments starting after 1 month at an APR of 12%, what is your monthly payment?

What does the agreement state ?

Sounds like a homework problem to me - no one is charging 12% APR in this economy!

OP: you can use PMT() function in Excel for this. Set N = 60 (for 60 periods) and I = interest per period = 12%/12 = 1% .