1.)Quarter-end payments of $1,460 are made for 9 years to settle a loan of $36,960. What is the effective interest rate charged on this loan?

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2.) You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.75% compounded monthly. How long will it take you to save the planned amount?