A student graduates from college with $51,000 in student loans with a 7.8% annual simple interest rate. In order to reduce his debt as quickly aspossible, beginning next month he is going to pay $700 per month towards the loan. After his firstpayment, how much will he owe on theloan?

After his firstpayment, he will still owe $

(Round to the nearest cent asneeded.)

Question 2:

Use the formula for the future value of an ordinary annuity to calculate A with the monthly payment R=$850, the annual interest rate r = 9.5%, and the number of monthly payments n=48

A=

(Do not round until the final answer. Then round to the nearest cent asneeded.