Problem 5 40 Calculating Annuity Present Values [LO 2] You want to borrow $64.000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,100, but no more. Required: Assuming monthly compounding, what is the highest rate you can afford on a 72-month APR loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g. 32.16).) Question 20 (of 20) value 2.50 points Problem 5-50 Variable Interest Rates [LO 1] A 12-year annuity pays $3,100 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first five years, and 8 percent compounded monthly thereafter. Required: What is the present value of the annuity? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.... 32.16).) Present value $