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17. A car loan of $40,000 has a 7-year term and 9% annual interest rate (assume 0 down payment). It has to be paid off in monthly installments over 7 years. (a) Compute the monthly installment that must be paid. (b) After the 4th year of payments, what is the outstanding balance? [calculate the monthly rate of interest first, before doing anything else] 18. Sesame Street Productions (SSP) is considering 3 mutually exclusive projects (do nothing is an option here). The costs and income (in $ millions) is given below: Project A Project B Project C Initial cost 350 475 765 Net annual income 175 250 325 All projects have a useful life of 12 years and no salvage value. SSP uses 7% interest rate. Calculate the benefit/cost ratio of the three projects. Which one should SSP select? (do nothing is an option)