3.

a)

b)

You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter int an account that earns interest at 4.50% compounded annually. How long wil it take you to save the planned amount? months O years Express the answer in years and months, rounded to the next payment period Lush Gardens Co. bought a new truck for $54,000. It paid $4,860 of this amount as a down payment and financed the balance at 5.70% compounded semi-annually. If the company makes payments of $1,900 at the end of every month, how long will it take to settle the loan? months O years Express the answer in years and months, rounded to the next pavment neriod