How much must be deposited today into the following account in order to have a college fund in years? Assume no additional deposits are made. $125,000 13 An account with monthly compounding and an APR of 6.7% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

Suppose you want to borrow $ and you find a bank offering a -year term for a loan of that amount, with an APR of %. Complete parts (a) and (b) below. 100,000 10 8 (a) What are your monthly payments? PMT = $ (Round to the nearest cent as needed.) (b) Instead of making payments per year, you save enough money to make a th payment each year, of the same amount as your regular monthly payment found in part (a). How long will it take to pay off the loan? 12 13 Y = (Type an integer or decimal rounded to one decimal place as needed.)