A data analyst decided to do all design work from home and wants to create a home office. The analyst needs a new computer for $2,500 and printer/scanner for $350. A vendor offers a financing option of a monthly installment of $129 for a period of 24 months. First payment is due at the end of the month of purchase. The vendor will accept either a cash payment upfront or financing over 24 months as mentioned earlier. The vendor has a value of time of 5% per year. Compounding is monthly. [a] What is the monthly interest rate implied in the vendor's offer? That is, if the analyst decides to buy in installments, what is the interest cost of borrowing from the vendor (instead of any other source)? [b] If the analyst requested a refinancing plan over a 6-month installment period (still monthly payments but only for 6 months) instead of 24 months and the vendor agrees for the same interest rate as part [a] what would be the monthly payment be in this case?