A contract requires lease payments of $800 at the beginning of every month for 8 years.

a. What is the present value of the contract if the lease rate is 5.22% compounded annually?

b. What is the present value of the contract if the lease rate is 5.22% compounded daily?

Melissa will make payments of $150 at the end of every month to settle a loan of $1,100 at 3.60% compounded semi-annually that he received to purchase a television.

a. How many deposits will she have to make?

b. How long will she have to make these payments?

years months