ECONOMICS CLASS Use the following formula to answer questions 1 and 2. Answer the question after you fill out each chart. Be sure to write in complete sentences. Each question is worth 10 points.

P= cr(1+r)^n/ (1+r)^n-1

C= loan amount, n= number of months, r= monthly interest rate, p= payment

Elsa is considering buying a new Nissan Leaf. She will have to borrow $44,955. How much will the monthly payment be and will the total cost be under $60,000.