Omega Medical Device Inc. is considering the purchase of a new machine to package their insulin pumps. The total installed cost of the machine is $37,000. Because of anticipated obsolescence, no salvage value is expected at the end of its 6-year life. After an up-front down payment equal to 10% of the machine's installed cost, the company intends to finance the balance of this purchase with a bank loan. The loan is to be repaid in equal end-of-month installment payments for six years at a nominal annual interest rate of 12%, compounded monthly. 1. What is the amount of each monthly payment? 2. What is the effective annual rate of interest on this loan