Suppose you accept your parents' offer of a 2007 BMW M6 convertible, but that's not the kind of car you want. Instead, you sell the car for $61,000 and use that money for a down payment on an Aston Martin V8 Vantage Roadster. You got a real bargain at $110,000! The bank offers you a 5-year loan with equal monthly payments and an interest rate of 4% per year. What will be the payment on the loan?
