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I want to purchase a vehicle that costs $76,195.

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I want to purchase a vehicle that costs $76,195. There are 4 buying
options. What are the monthly payments for each, and which would you choose?

Option 1: The loan is for 7 years (84 months) with an interest rate of 2.9% compounded monthly.
Option 2: The loan is for 5 years (60 months) and the interest rate is 7.9% compounded quarterly.
Option 3: The loan is for 4 years (48 months) and the interest rate is 5.9% compounded daily (365 days). I put down a $3,000 deposit.
Option 4: The loan is for 3 years (36 months) and the interest rate is 3.9% compounded continuously.

**For the first option I chose to use the formula M=P(r/n)/1-(1+r/n)-nt and I got $1,003.36 which seems correct but when applying the same formula for option 2 & 3 it seem to get a very high number that does not seem correct. Could you please help me by explaining the formulas used for future reference?
**For option 4 I used the formula A=Pert, I just want to make sure I did this correctly as well.

Thank you in advance for your help!

 
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