1. Ms. Alvarado borrows $22,000 to purchase a new car. The car loan is a six year loan (with quarterly payments) and a 7% interest rate. How much will each quarterly payment be? P/YR 4 This is an ordinary annuity, so no "BEGIN" on the calculator. a. 1.130.484 b. 1,283.691 c. 1,893.148 d. 1,569.521 2. Mr. Bowland wants to save $18,000 to purchase a new car. He places $50 a day in a special savings account earning 6.8% interest. How long will it be before he has saved $18,000? P/YR = 365 This is an ordinary annuity, so no "BEGIN" on the calculator a. 348.474 years b. 348.474 days c. 216.9 years d. 216.9 days