1. Patrick borrows $15000 on January 8, 2003. On March 8, 2004 he pays 6000 and on June 20, 2005 he pays 6000. The last payment is to be on November 26, 2006. What is the size of the final payment if interest is at 11% and the focal date is November 26, 2006? (ignore leap years)

2, A man receives a loan of $X. A payment of $934 is made 87 days later. A second payment of $913 is paid 133 days after the first payment. A third payment of $526 is due 40 days after the second payment, after which the loan balance is 0. The loan is charged a simple interest rate of r = 6.75%. What is X, if the Declining Balance Method is used?