1.A loan of 118.6 is to be repaid by 7 equal annual instalments. The rate of interest for the transaction is 2.9% per annum. Find the amount of each annual repayment, assuming the payments are made in the end of each year.

2. A loan of 106.7 is to be repaid by 9 equal annual instalments. The rate of interest for the transaction is 2.2% per annum. Find the amount of each annual repayment, assuming the payments are made at the beginning of each year.

3.Let time be counted in years. If we have a rate of discount of 3.1 % per annum convertible monthly, what is the effective annual rate of discount?