Miguel Perez of Pamona, California, obtained a two-year installment loan for $1,500 to buy a television set eight months ago. The loan had a 11.3 percent APR and a finance charge of $183.60. His monthly payment is $70.15. Miguel has made eight monthly payments and now wants to pay off the remainder of the loan. The lender will use the rule of 78s 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.$

b What is the dollar amount of the prepayment penalty on this loan? Use the rounded answer from part a in your calculations. Round your answer to the nearest cent.

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