?1. (Nonannual compounding using a calculator?) ?Bowflex's television ads say you can get a fitness machine that sells for $999 for $44.01 a month for 24 months. What APR are you paying on this Bowflex? loan? The APR you are paying on the loan is ?%. (Round to two decimal? places.)
2. (Loan amortization?) On December? 31, Beth Klemkosky bought a yacht for ?$80,000?, paying ?$20,000 down and agreeing to pay the balance in 55 equal? end-of-year installments at 14 percent interest on the declining balance. How big will the annual payments? be? These equal payments will be $. (Round to the nearest? cent.)