1) Lush Gardens Co. bought a new truck for $58,000. It paid $5,800 of this amount as a down payment and financed the balance at 4.54% compounded semi-annually. If the company makes payments of $1,900 at the end of every month, how long will it take to settle the loan?

(Years) & (months)

2)Lush Gardens Co. bought a new truck for $62,000. It paid $6,200 of this amount as a down payment and financed the balance at 5.50% compounded semi-annually. If the company makes payments of $1,600 at the end of every month, how long will it take to settle the loan?

(Years) & Month.