16. James purchased a home theater system for $5000. He agreed to pay it back monthly over 5 years at 8% compounded monthly. a. What is the amount of the required monthly payment? b. Calculate the total interest paid during the first year of the loan. C. Calculate the principal portion of the 12th payment. d. Calculate the interest portion of the 12th payment. 17. Lily purchases a catering van for her food truck business for $70,000. She agrees to make payments of $1200 at the end of every month at 6.5% compounded monthly. a. How many months will it take to pay off the loan? b. What is the amount of the final payment? 18. Sarah purchased a $15,000 face value corporate bond maturing in seven years. The coupon rate is 4.8%. If the prevailing market rate at the time of purchase was 4.2%, what price (at purchase) did Sarah pay for the bond?