Question 20 Calculating Loan Payments [LO2, 4] You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted you an APR of 5.2 percent for a 60-month loan to buy the car. What will your monthly payments be? What is the effective annual rate on this loan? Value of the car Discount rate # of years # of times compounded per year Payment Effective interest rate Question 24 Calculating Annuity Future Values [LO1] You are planning to make monthly deposits of $475 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 30 years? Monthly deposit # of times compounded per year Interest rate on annuity # of years Future value of annuity