35. Harry just bought a new four-wheel-drive Jeep Cherokee for his lumber business. The price of the vehicle was $35,000 of which he made a $5,000 down payment and took out an amortized loan for the rest. His local bank made the loan at 12% interest for five years. He is to pay back the principal and interest in five equal annual installments beginning one year from now. Determine the amount of Harry's annual payment. a. $8,322 c. $9,709 b. $9,600 d. $6,720 Assume that you purchase a 7-year, 9 percent savings certificate for $1000. If interest is compounded annually, what will be the value of your investment when the certificate 56. matures? a. $1,828.04 b. $1,873.20 c. $1,838.46 d. $547.03 e. $$1,818.84 A friend promises to pay you $800 two years from now if you loan him $600 today. What annual interest rate is your friend offering? 37. a. 15.89% b. 15.47% 33.33% . d. 25.00% e. 15.63%