Question: 1. You plan to save money for a down payment of $36,000 to purchase an apartment. You can only afford to save $1,250 at the

1. You plan to save money for a down payment of $36,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.54% compounded annually. How long will it take you to save the planned amount? Express in Year and Months

2. Quarter-end payments of $1,550 are made to settle a loan of $46,800 in 10 years. What is the effective interest rate?

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