Question: 1. You plan to save money for a down payment of $33,000 to purchase an apartment. You can only afford to save $6,000 at the

1. You plan to save money for a down payment of $33,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.75% compounded monthly. How long will it take you to save the planned amount? Year and Months

The present value of a 6 year lease that requires payments of $500 at the beginning of every quarter is $9,700. What is the nominal interest rate compounded quarterly charged on the lease?

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