1. You are taking out a $8,000 loan to be paid out over 8 years in eight equal annual payments. Each payment will be made at the end of each year. Suppose that the interest rate of this loan is 8 percent. What is the outstanding amount of the loan principal right after the first annual payment using TI BA II Plus?
2. You are planning to buy a new car. The retail price of the car is $20,000. Honda Auto is making you the following offer: You pay $2; 000 down and then $600 month for next 30 months. The APR is 12 percent (compounded monthly). This offer is equivalent to $ to ___ off the retail price (when paid in cash today) using TI BA 11 Plus functions?