Part B Answer:L=P+(p/(1+i/12)+(p/(1+i/12)^2....+(p/(1+i/12)^n

Suppose that the 60 month loan in part (b) is financed at a 5.1% annual interest rate. Using your answer to part (b), solve for how much you would have to pay each month, P, assuming that the 5.1% interest rate is the yield to maturity. [Hints: You need to convert the 5.1% annual rate into a monthly rate first, and then you can use your answer for part b; also dont forget that these interest rates are compound interest rates, so the gross annual rate is the gross monthly interest rate raised to the power of 12]