South Penn Trucking is financing a new truck with a loan of $10,000 to be repaid in 5 annual end-of-year installments of $2,504.56. What annual interest rate is the company paying? a) 7% b) 8% c) 9% d) 10% e) 11%

Michael wants to have $68,000 in 10 years on a savings plan that requires monthly contributions. If he can earn 6 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 10 years? Round it to 2 decimal places and do not include the $ sign, e.g., 1234.56