Naomi is looking to buy a car and the she qualified for a 4-year loan from a bank offering an annual interest rate of 4.5%, compounded monthly Using the formula below, determine the maximum amount Naomi can borrow, to the nearest dollar, if the highest monthly payment she can afford is $500. Pr( 1 +r ) M (1 +r)n - 1 M = the monthly payment P = the amount borrowed r = the interest rate per month n = the number of payments