Hello, could you please solve this for me? I don't know how to solve it exactly and I'd rather have someone who knows show me the correct way to do it.

A finance director has to set the terms for the loans that his car company will make to customers who want to finance the purchase of the new cars. Each car has a non-negotiable sticker price of $55,000. The appropriate interest rate is 8%.

A. Suppose that he decides to require a down payment of $5,000. What annual payment should she ask buyers to make so that the firm breaks even on the loan and the loan is entirely paid off at the end of 4 years?

B. After setting the above terms, he finds that car sales are very sluggish. The firm's closest competitor is offering an identical car for $48,000. He does not want to worsen the car's image by offering a rebate or otherwise lowering the stated price. Instead, he retains the down payment of $5,000, but asks for a lower annual payment such that the customer's effective interest rate on the outstanding amount is 2.9%. Are these terms more attractive than the competitor's terms (e.g., the $48,000 price) if the loan is still to be repaid in four years?

Thank you!