2. (a)After carefully going over the budget, you have determined you can afford to pay shs 632 per month toward a new sports car. You call up your local bank and find out that the going r ate is 1% per month for 48 months. How much can you borrow? (b)(i)D efine effective a nnual rate. (ii)A bank is offering 12% compounded quarterly. If you put shs. 1000 in an account, how much will you have at the end of one year? What is the effective annual rate? How much will you have at the end of two years