1. Assume Dave borrowed $480 on his personal line of credit. Interest is charged at a rate of 6 percent, but calculated on a daily basis. Dave is required to pay a minimum of 5 percent of the remaining loan balance every month. What would be Daves first monthly loan payment? Assume a 30-day month and a 365-day year. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Monthly loan payment

2. If the 16 percent interest rate quoted on Daves loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective annual rate of interest