Your BFF wants a ring, and you plan to borrow $4,000 to make the purchase. You will payoff the loan fully in 7 years and the interest rate will be 5%, to be paid monthly (1) What will be your monthly payment? (ii) What will be the EAR (calculation may have to be carried out to four decimal points)? a. $57.25 & 5.12% respectively b.$56.61 & 5.12% respectively c. $56.61 & 5.13% respectively d. $57.25 & 5.13% respectively