Miguel Perez of Pamona, California, obtained a two-year installment loan for $1,400 to buy a television set eight months ago. The loan had a 28.2 percent APR and a finance charge of $447.04. His monthly payment is $76.96. 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.

1. 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.

   $

2. 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.

   $