1. If Marcus obtained a business loan of $275,000.00 at 5.17% compounded semi-annually, how much should he pay at the end of every 6 months to clear the loan in 15 years?

2. Richard wants to accumulate at least $40,000 by depositing $1,800 at the end of each month into a fund that earns interest at 5.25% compounded monthly.

a. How many deposits does he need to make in order to reach his goal?

Round to the next payment

b. How long will it take Richard to reach his goal?