1) You are quoted an 8% APR on your new car loan, payments are monthly. What is the actual annual rate on your loan that you will be paying? (Show some basic work/formuala/calculator inputs)

2) You are currently renting an apartment in Downtown Miami and you are paying $2,400 per month to live there. You are required to live there for 5 years per the contract. What is the present value of your remaining rental payments considering a 7% discount rate? (show basic work or calculator inputs)