1. Frank's Machine Shop purchased a computer to use in turning engines. To finance the purchase, the company borrowed $13,100 at 4% compounded quarterly. To repay the loan, equal monthly payments are made over four years, with the first payment due one year after the date of the loan. What is the size of each monthly payment?

3. An annuity with a cash value of $15,500 earns 7% compounded semi-annually. End-of-period semi-annual payments are deferred for six years, and then continue for eight years. How much is the amount of each payment?