Using Excel or a financial calculator, provide a solution to each of the following situations.

$($a$)$ Jennifer Anglin owes a debt of $$40,000$ from the purchase of her new sport utility vehicle. The debt bears annual interest of $11\mathrm{.}4\%$ compounded monthly. Jennifer wishes to pay the debt and interest in equal monthly payments over $11$ years, beginning one month hence. What equal monthly payments will pay off the debt and interest? $($Round answer to $2$ deaimal place, es$.25\mathrm{.}25.)$

Monthly payments

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$($b$)$ On January $1,2025,$ Darsh Molony offers to buy Dave Feeney's used snowmobile for $$7,500,$ payable in $7$ equal annual installments, which are to include $6\mathrm{.}75\%$ interct on the unpaid balance and a portion of the principal. If the first payment is to be made on Decamber $31,2025,$ how much will each payment be$?($Round answer to $2$ deximal ploces, eg$.25\mathrm{.}25.)$

Armual payments

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