1. The bond of Nichols Corp is currently trading at (price of a bond) $700.00. The bond matures in 60 years and has today a yield to maturity of 3%. This is a semiannual coupon bond with a par value of $1,000. The coupon rate of this bond is?

2. You are considering buying an antique car priced at $20,000. The bank has offered you a loan to buy it. The loan is a 2 year loan for which you will make quarterly payments. The APR for the loan is 24%. How much is the quarterly paymemt?