1. You are saving for a vacation by putting away $600 at the end of every 3 months for 3 years. If you are able to save a total of $8,000 in exactly 3 years, what is the effective interest rate that you would be earning? [5 marks] 2. A computer that sells for $4,500 may be purchased by making a down payment, plus a series of month payments of $150 for 2/2 years. The first payment is made one month after purchase. If the interest rate is 12% compounded monthly, what is the size of the down payment? [4 marks]