I) (1 pt) Starting on September 1, 2000 - the day he starts college - and ending on September 1, 2004, Craig borrowed $5000 a year to pay for college expenses (i.e. that's 5 withdrawals total). After graduation, he decided to go to graduate school in mathematics, and his loans were deferred (i.e. they accrued interest, but no payments were due). After finishing graduate school, he began repaying his loans. Beginning on July 1, 2007, he made monthly payments for 11 years. Each payment increased by 2% over the previous payment. If his loans had a fixed nominal rate of 7.2% convertible monthly for the entire life of the loans, what was be the size of his first payment?

II) (1 pt) Ralph has just borrowed $1280 to purchase a new stereo, at a nominal rate of interest of 12.2% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 7 months. If he will make 24 monthly payments, how much interest is in the 17th payment?