aSuppose you want to borrow $$20,000$ for a new car.

You can borrow at $8\%$ per year, compounded monthly $(8/12=\mathrm{.}66667\%$ per month$).$

If you take a $4$ year loan, what is your monthly payment?

Group of answer choices

$$600$

$$(488\mathrm{.}26)$

$$500\mathrm{.}12$

$$488\mathrm{.}26$Suppose you are offered an investment that will allow you to double your money in $6$ years. You have $$10,000$ to invest. What is the implied rate of interest?

Group of answer choices

$9\mathrm{.}34\%$

$12\mathrm{.}25\%$

$13\%$

$10\mathrm{.}34\%$