Use the following formula to calculate the payment:
PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}
PMT = 17,000 x 0.0399/12{[1 + 0.0399/12]^60 / [1 + 0.0399/12]^60 - 1}
PMT =56.525{[1.003325]^60 / [1.003325]^60 - 1}
PMT = 56.525 x 5.53744651..........
PMT = $313.00 - The monthly payment.
