a.) Mr. Smith buys a television that is listed for $1500. He pays $500 down and pays the balance in 12 equal monthly payments. If the interest rate is 16% monthly, what is the size of the monthly payment?

b.) Gertrude wants to make $500 monthly withdrawals for 10 years from an account which pays 4% compounded monthly. How much does Gerti need in her account now so that she can make her first withdrawal in one month?

* If it is alright with you, can you help me with both of these parts? I am having trouble trying to understand on what to do here. Both parts count as one problem so I would really appreciate the help. Thanks!