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(8 pts) 9. On October 18, Silva bought a car for $60,000. He paid $10,000 in cash at the time of the purchase and agreed to pay the balance in five equal annual installments that include both the principal and 12 percent interest on the declining balance. Required: a) Determine the amount of the annual payment. a) Determine the total dollars of interest that Silva will pay for this loan. b) Determine the amount of interest that is included in the first payment. It is not necessary to complete an amortization schedule. (8 pts) 10. The Haslems are planning for their daughter's education. She is five years old and will start college in 12 years. How much will they have to set aside each year, beginning one year from today to have $600,000 when she starts college, if the interest rate is 9 percent? How much will the daughter be able to withdraw from the account each of her six years in college and graduate school