1. Whitney secured a 6-year car lease at 6.20% compounded annually that required her to make payments of $886.74 at the beginning of each month. Calculate the cost of the car if she made a downpayment of $2,250. (Round to the nearest cent)

2. A loan, amortized over 5 years, is repaid by making payments of $700 at the end of every month. If the interest rate is 4.75% compounded semi-annually, what was the loan principal? ((Round to the nearest cent))