Problem
Garot Industries is a small company. Garot would like to buy a new forklift, but the company is trying to keep the monthly loan payment to $513. Garot would like to make payments for 4 years. The forklift costs $45809 and the bank is offering loans at a nominal annual interest rate of 6%, compounded monthly. How much of a down payment would Garot need to make to keep the monthly loan payments to $513?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.