3&4

Question 3 1 pts You take out a bank loan for $15,466 today. You need to pay the loan back over the next 5 years with 5 equal payments, starting next year. If the interest rate on the loan is 5.61% APR compounded annually, how big are the payments? Question 4 1 pts You are planning to save for your child's college education which will start in 18 years. You expect tuition to be $57,626 each year in years 18 to 21. If your college savings account pays 3.38% compounded annually, how much do you have to deposit today to fund your child's college education