1. A loan of $8000 is to be repaid by 3 equal payments due in 6 months, 12 months, and 18 months respectively. Determine the size of the equal payments if the loan was granted at 2% compounded semi-annually. Make sure that it makes sense! (4 marks) A promissory note called for a payment of $3000 plus interest at 4% p.a. compounded quarterly, 3 years after the issue date. What would be the appropriate price to pay for the note 1 year after the issue date to yield the buyer 4.5% p.a. compounded semi-annually? (4 marks)