Explain how they arrived at these answers.

A person plans to buy a $240,000 house. He wants to make a down payment of $24,000 and to take out a 30 year mortgage for the remaining balance at 6 % per year, compounded monthly. How much must he repay each month?

Correct Answer: $ 1,295.03

How much money must be deposited in a savings account each month to accumulate $10,000 at the end of 5 years, if the bank pays interest at the rate 6% per year, compounded daily?

Correct Answer: $ 143.27