Question: PLEASE SOLVE IT BY EQUATIONS NOT EXCEL AND OTHER TECHNOLOGY, HELP ME TO COMPUTE THESE TWO PROBLEMS BY HAND. THANKS. 1. A borrower takes out

PLEASE SOLVE IT BY EQUATIONS NOT EXCEL AND OTHER TECHNOLOGY, HELP ME TO COMPUTE THESE TWO PROBLEMS BY HAND. THANKS.

1. A borrower takes out a loan of 3000 for 10 years at 8% convertible semiannually. The borrower replaces one-third of the principal in a sinking fund earning 5% convertible semiannually, and the other two-thirds in a sinking fund earning 7% convertible semiannually. Find the total semiannual payment. aNSWER; 229.87

2. A payment of 36,000 is made at the end of each year for 31 years to repay a loan of 400,000. If the borrower replaces the capital by means of a sinking fund earning 3% effective, find the effective rate paid to the lender on the loan. ANSWER:7 PERCENT

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