Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4700 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%.

a) Determine Landon's finance charge.

b) Determine Landon's monthly payment.

Number of payments	Annual Percentage Rate
	4.5%	5.0%	5.5%	6.0%	6.5%
	(Finance charge per $100 of amount financed)
36	7.09	7.90	8.71	9.52	10.34
48	9.46	10.54	11.63	12.73	13.83
60	11.86	13.23	14.61	16.00	17.40