Question: I need help solving this problem: Grace is planning on purchasing an Akai Professional MPC5000 drum machine for $2,195. She's been pre-approved to finance her

I need help solving this problem:

Grace is planning on purchasing an Akai Professional MPC5000 drum machine for $2,195. She's been pre-approved to finance her purchase with an APR of 12% over 60 months.

If she finances the entire purchase, what would her monthly payment be?

Based on the above monthly payment, how much total will she pay for the MPC500?

Grace has $775 saved up and is considering paying it up front so that she'll have to borrow less. If she does what will her monthly payment be?

If she decides to pay the $775 up front, how much total will she pay for the MPC5000 (don't forget to include her initial $775)?

Would you recommend she pay the $775 up front? Why?

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