You belleve you will need to have saved $560,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 6% per year, how much must you save each year to meet your retirement goal? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. You've borrowed $8,117,01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. b. What is the effective annual rate on the loan? Note: Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places