19. Daryl wishes to save money to provide for his retirement. Beginning one month from now, he will deposit a fixed amount into a retirement savings account that will earn 12% p.a. compounded monthly for 30 years. Then, one year after making his final deposit, he will withdraw $100,000 annually for 25 years. How much should Daryl deposit for the first 30 years to meet his objective if the fund earns the interest rate of 12.68% p.a., compounded annually during the last 25 years? 23. Mark wants to buy a new car for his wife and agrees with a 1.5-year, $12,000 loan. The financial institution quotes this loan at 10.5%, compounded monthly. Six months later, Mark is offered an optional loan from another financial institution. The new loan is quoted at 9.25% and Mark asks that the number of payments be set to 12. A 1% fee will be added to the remaining loan balance for the principal of the new loan. What was the first loan monthly payment and what is the amount Mark is going to pay for the new one? Is it a good idea to change? a. 24. Mary enters into a loan agreement to borrow $90,000 to help finance the purchase of her new home. The agreement specifies the term of 20 years with monthly repayment at the fixed rate of 9% p.a. (compounded monthly). What is her monthly payment? b. Five years has passed. A rival lender offers to refinance Mary's loan at the fixed rate of 8% p.a. (compounded monthly). The cost associated with this refinancing is $1,500. Should she refinance? Suppose 9 years have passed since Mary enters the original loan. She's considering making an extra payment of $10,000 off her loan. If she plans to keep the term of the loan the same, how much will her monthly repayment reduce