37. You want to buy the latest model of the Numbus 2000 broom stick. The price is $20,000. Your annual interest rate is 12% (compounded monthly), and you intend to pay for the broom over five years. What will be your monthly payment? a. $637.41 b.$566.67 c. $552.42 d. $444.89 Answer 38. Saruman wants to build a new tower so he can communicate more easily with his master and Lord of the Ring. Sauron. The projected cost of the tower is $7.5 million. Assume Saruman wants to start construction on the new tower in three years. He will save the money at the end of each year and deposit it Smaug's Bank so that it earns 8.75% interest annually. How much does he need to save each year so he can build the tower? a. $2,108,936 b. $2.500,000 e. $2,298,851 d. $2,293,468