7. You want to buy a Mustang for $36K. The loan officer at the Chevrolet dealership will loan you the entire amount at an annually stated rate of 7.50%. (a) You and the lender agree on a 5-year loan, with five payments to be made, one at the end of each year for the next 5 years; thus calculate the size of your annual payment. (b) You and the lender agree on a 5-year loan, with 60 payments to be made, one at the end of each month for the next 60 months; thus calculate the size of your monthly payment. Answers: $8897.93 and $721.37.