1. Bennington Company has borrowed a certain amount from the bank that it willrepay in 24 monthly installments. The bank charges 6% interest annually on this loan andthe monthly payment is $6000. Find the amount of loan.

1. A downtown bank is advertising that if you deposit $1,000 with them, and leave itthere for 65 months, you can get $2,000 back at the end of this period. Assuming monthlycompounding, what is the monthly rate of interest paid by the bank?