2. Jay-Jay pays his car by doing 36 monthly payments of USD $350 each. During his first year he defaults for the following months: May, June, July and October. On December he will receive a Christmas bonus and want to catch up (considering December monthly payment). Find the amount of the payment that Jay-Jay must pay. Consider an 8% annual effective rate. a. What is balance of the retirement fund? b. What is the effective annual rate earned during this 10-period? 5. Xime purchases a car with a down payment of MXN $200,000 and borrows 3-year loan from a bank with monthly payments (at the end) of MXN$ MXN$ 14,460.96. a. What is the car's cash value if (12) = 18% b. What is the amount of interest paid on the loan