Please explain the steps for the solution

Please explain the steps for the solution

Please explain the steps for the solution

On September 1,2021 , Susan Chao bought a motorcycle for $22,000. She paid $1,000 down and financed the balance with a five-year loan at an annual percentage rate of 6.4 percent compounded monthly. She started the monthly payments exactly one month after the purchase (i.e., October 1, 2021). Two years later, at the end of October 2023, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2023? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) A well-known financial writer argues that he can earn 148 percent per year buying wine by the case. Specifically, he assumes that he will consume one $10 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $10 per week or buy a case of 12 bottles today. If he buys the case, he receives a 9 percent discount and, by doing so, earns the 148 percent. Assume he buys the wine and consumes the first bottle today. What is the EAR of this deal. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2021, an auction house sold a painting at auction for a price of $1,010,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,590,000. What was his annual rate of return on this painting? (A negative value should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)