6-9)You are contributing money to an investment account so that you can purchase a house in seven years. You plan to contribute seven payments of $3950 a yearthe first payment will be made one year from now, and the final payment will be made seven years from now. If you earn 12% in your investment account, how much money will you have at the end of 7 years?

6-10)You have just taken out a 10-year, $12,000 loan to purchase a new car. This loan is to be repaid in 120 equal end-of-month installments. If each of the monthly installments is $150, what is the effective annual interest rate on this car loan?