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 pay the loan. How

many years is this?

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 sale to the government. Assuming that the manufacturer requires

18% per year compounded monthly on overdue accounts. What should the second payment

be?