7) If you buy a computer directly from the manufacturer for $2,500 and agree to repay it in 48 equal installments at 1.25% interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid? [Show ALL your work to receive credit] 8) Bob makes his first $1,000 deposit into an IRA earning 6.4% compounded annually on his 24th birthday and his last $1,000 deposit on his 35th birthday (12 equal deposits in all). With no additional deposits, the money in the IRA continues to earn a 6.4% interest compounded annually until Bob retires on his 65h birthday. How much is in the IRA when Bob retires? [You MUST show both formulas with all the known values given- this is a two part problem]