1.) You purchase a car valued at $31695. Your payments are $578.52 per month. Assume a rate of interest of 6.72% per year compounded quarterly.

a.)What is the monthly compounded equivalent rate to 6.72% per year compounded quarterly?

b.)How many month-end payments are required to pay off the car? No units are required for this question.

2.)

Annette has just purchased a new home for $553333. She put 25% down and is paying the remainder off in bi-weekly instalments over the next 29 years. The rate of interest on her mortgage is 4.34% per year compounded semi-annually.

a.) What is the bi-weekly compounded rate of interest that is equivalent to 4.34% compounded semi-annually?

b.) How large are her bi-weekly payments?

c.) What was the total amount of interest paid on the mortgage?