1. You want to buy a new sports car for $55,000. The contract is in the form of a 60-month annuity due at a 6 percent APR, compounded monthly. What will your monthly payment be?

2. One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $700 per month. You will charge 0.6 percent per month interest on the overdue balance. If the current balance is $17,552, how many months will it take for the debt to be paid off?