a) For a loan of $55,000, with an annual interest rate of 5% p.a. compounded monthly, and monthly repayments of $1,100. Find the number of payments required to repay the loan. How many years is this?

b) Compusystems was supposed to pay a manufacturer $19,000 on a date 4 months ago. Compusystems is proposing to pay $10,000 today and the balance in 5 months, when it will receive payment on a major sales to the government. Assuming that the manufacturer requires 18% per year compounded monthly on overdue accounts. What should the second payment be?