1. Henry borrows $2000 from a bank and repays it in four equal monthly instalments. If interest is charged at 24% p.a., compounded monthly, find a) the monthly instalment and b) the total amount and interest paid

2. To provide for the purchase of a car, Alexis deposits $1200 at the end of every quarter into an account earning 12% p.a. compounded quarterly. a) How much does Alexis have at the end of four years? b) How much more does she need to save before she can buy a car costing $25 000? c) Will she have enough for this car if she saves for four and a half years?