1. Suppose the interest rate is 6.1 % APR with monthly compounding. What is the present value of an annuity that pays $ 105 every three months for four years? (Note: Be careful not to round any intermediate steps less than six decimal places.)

2. Suppose Capital One is advertising a 60-month, 5.72 %APR motorcycle loan. If you need to borrow $7,900 to purchase your dream Harley-Davidson, what will be your monthly payment. (Note: Be careful not to round any intermediate steps less than six decimal places.)