Problem 1-8 Calculating Annual Payments (LO 3] What annual payment is required to pay off a four-year, $25,000 loan if the interest rate being charged is 11 percent EAR? What would the monthly payments be for the same loan assuming the same interest rate? Use Exhibit 18-4. (Round time value factors to 3 decimal places and final answers to the nearest dollar amount. Omit the "S" sign in your response) Annual payment Monthly payment $