27. You have just agreed to a new loan and have purchased a $2,420 computer today. The loan has a 22.6% annual interest rate, compounded monthly. The minimum monthly payment is $78, and you do not expect to ever pay more than the minimum payment. Assuming no additional charges or costs will occur with this loan, approximately what will you owe on the loan at the end of 3 years (36 months) when you expect to need to purchase another new computer?

29. Assume that you want to have $1,000,000 when you plan to retire exactly 38 years from today. You expect to earn 10.65% p.a., compounded monthly, over the entire 38-year period. How much extra money per month must you deposit if you choose to fund your retirement account using an ordinary annuity technique rather than an annuity due technique?