An advertisement in the Vancouver Sun catches your eyes: "MAKE THEM STARE. Not that they'll have much of a choice. The aggressive air intakes and chiselled lines of the 2014 Mercedes-Benz CLA make a striking first impression. But with a 208 horsepower turbocharged engine you'll no doubt give them a better view of its LED tail lamps and twin chrome exhausts"(Vancouver Sun, July 4, 2014, p. E6). You decide to purchase one for $48 300.
(a) What would the monthly payment be with no down-payment, and financing the total with an interest rate of 4.79 percent compounded semi-annually for a six-year term?
(b) If you were able to make payments of $850.00 monthly instead, how many payments would you be required to make?