Miguel Perez of Pamona, California, obtained a two-year instaliment loan for $1,600 to buy a television set eight months ago. The loan had a 17.5 percent APR and a finance charge of $307.04. His monthly payment is $79.46. Miguel has made eight monthly payments and now wants to pay off the remainder of the loan. The lender will use the rule of 78 method to calculate a prepayment penalty. a. How much will Miguel need to give the lender to pay off the loan? Do not round intermediate calculations. Round your answer to the nearest cent. 3 b. What is the doller amount of the prepayment penalty on this losn? Use the rounded answer from part a in your calculations. Round your answer to the nearest cent. 5