7. You're prepared to make monthly payments of $190, beginning at the end of this month, into an account that pays 7 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,000? 8. You want to buy a new sports car from Muscle Motors for $68,000. The contract is in the form of a 60-month annuity due at an APR of 6.4 percent. What will your monthly payment be?