1. Lush Gardens Co. bought a new truck for $54,000. It paid $4,320 of this amount as a down payment and financed the balance at 3.14% compounded semi-annually. If the company makes payments of $1,800 at the end of every month, how long will it take to settle the loan? (Express the answer in years and months, rounded to the next payment period)

2. Ryan made equal deposits at the beginning of every 3 months into an RRSP. At the end of 8 years, the fund had an accumulated value of $40,000. If the RRSP was earning 3.25% compounded monthly, what was the size of the quarterly deposits? (Round to the nearest cent)