Problem 4 We need to take out a loan of $25,000 to buy a car. Our bank approves the loan with 60 equal monthly payments, based on a nominal annual interest rate of 6 percent, compounded monthly. a. Determine the monthly payments. When we are signing the papers, we notice that there is a 7% origination fee on the loan. We ask about that and we learn that this amount is calculated on $25,000 and we should pay this fee immediately as soon as we receive the loan. Showing all your work, b. Determine the annual effective rate of the loan, taking into account this origination fee