10. In a loan the monthly payment, m, is calculated using the formula: P.
where P is the principal of the loan, n is the number of payments, and is the monthly interest rate,
expressed as a decimal
Curry wants to buy a new BMW for $50,000. She has an $11,000 down
payment and gets a 5-year car loan with a 4.5% yearly interest rate.
a) What will she pay per month?
b) If she can only afford to pay $500 per month what would her down
payment have to be?