Will a i5 intel processor work good for music production for a beginner?

I'm going to start to make beats and I'm on a 500 dollar budget and wondering f I could work with a new model of 4th gen i5 processor for now until I upgrade? It has 8 GB or ram and 3.4 GHz, do you think I could save the extra $200 and buy equipment? I only have money for a i5 processor right now just wondering if its okay to work with? This will be a huge upgrade for me from a 2005 dell "AMD 64 Athlon" with windows xp

Yes. An i5 can let you play GTA 4 on max. I think its enough LOL IT IS ENOUGH. 4TH GEN IS THE BEST but a 3rd gen is good too.
If you need help here is a link for an awesome pc my friend bought

http://www.ebay.com/...1482440804

it has 2000gb of storage for your music needs. 8gb ram. An i5 3300 QUAD core. So you are good with this one and it has Windows 8 For all of 400$