1. Derek borrows $278,373.00 to buy a house. He has a 30-year mortgage with a rate of 5.71%. After making 109.00 payments, how much does he owe on the mortgage?

2. Caspian Sea Drinks needs to raise $45.00 million by issuing bonds. It plans to issue a 16.00 year semi-annual pay bond that has a coupon rate of 5.17%. The yield to maturity on the bond is expected to be 4.72%. How many bonds must Caspian Sea issue? (Note: Your answer may not be a whole number. In reality, a company would not issue part of a bond.)