Question 7 (1 point) A commercial bank will loan you $58,387 for 7 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 15.40 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places Your Answer Answer Question 8 (1 point) You plan to buy the house of your dreams in 13 years. You have estimated that the price of the house will be $113,544 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 3.46 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams? Round the answer to two decimal places Your Answer: rcent per year. How much money will be in the account at the en decimal places. of the following annuity? nd of the year for the next 4 years, discounted back to the pre mpounded annually? ecimal places nvest these cash flows at 7.91 percent, compounded annually. orth at the end of year four? al places. 18 perpetuity discounted back to the present at 6.90 to decimal places Question 7 (1 point) A commercial bank will loan you $58,387 for 7 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 15.40 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places Your Answer Answer Question 8 (1 point) You plan to buy the house of your dreams in 13 years. You have estimated that the price of the house will be $113,544 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 3.46 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams? Round the answer to two decimal places Your Answer: rcent per year. How much money will be in the account at the en decimal places. of the following annuity? nd of the year for the next 4 years, discounted back to the pre mpounded annually? ecimal places nvest these cash flows at 7.91 percent, compounded annually. orth at the end of year four? al places. 18 perpetuity discounted back to the present at 6.90 to decimal places