QUESTION 1 -

You've got your sights set on a car which costs $30,000.You pay a 20% down payment and finance the remaining balance for 72 months with and APR of 6.5%.Determine the monthly payment.Round your answer to the nearest cent.Show your work and use the formula:

PMT = (P*R/N)/ [1-{1+R/N)^-nt

QUESTION 2 -

Suppose you just had a cute baby girl and want to send her to THE most expensive college in the world.According to uscollegeinternational.com, this would be Franklin and Marshall College, with an annual tuition of $58,615.Assume your daughter will complete college in four years.Find the total amount it will cost to go to go to college for the four years.How much should you put aside in an account with an APR of 11% compounded monthly in order to have the tuition in place for the four-year degree, once your daughter turns 18?Round to the nearest cent, which means don't round until the very end!Show your work and use the formula:

PV= A/(1+R/N)^NT