34. a Your current goal is to have $26,544 in the bank two years from now. Youve decided to grow your money via making a series of equally-sized monthly deposits into a savings account at the Bank of the West. Your first deposit will occur immediately. Subsequent deposits will be monthly (and of equal size). Youll make a total of 24 monthly deposits. The bank advertises an APR of 4.36% with monthly compounding. How much money will you need to deposit today in order to meet your goal?

b. You just borrowed $227,778 to by a new house. The advertised interest rate was 6% APR with monthly compounding. The loan is 21 years long, with equally-sized monthly payments. The first payment is due in one month.

Determine the reduction in principle associated with the 108th payment.