1) Zoe bought a house with a mortgage of $353,100. The mortgage is being financed with an interest rate of 3.6% compounded monthly. Zoe will make payments of $1,901. (a) How many payments will Zoe have to make to repay the mortgage? _______________ payment(s) (b) How long, in months, will it take Zoe to pay off the mortgage? (Hint: In an annuity due, payments are made at the beginning of each period.) _____________________ month(s)

2) Alejandra is leasing a car originally valued at $31,460. The lease is being financed with an interest rate of 8.43% compounded monthly with beginning of month payments of $529. (a) How many payments will Alejandra have to make to repay the original value? ________________ payment(s) (b) How long, in months, will it take Alejandra to pay off the lease? (Hint: In an annuity due, payments are made at the beginning of each period.) _______________ month(s)