1 How many months would it take you to repay $50000 by making payments of $750 at the end of every month at an interest rate of 6% compounded monthly?

2 By leaving the company, Stephen received a lump sum of $800 000 from his employer. Taking advantage of existing tax legislation, he invested his money in an annuity that provides for payments of $60 000 at the end of every 3 months. If interest is 6.25% compounded quarterly, how long will the annuity exist?