Joan got a loan of 55000 which was at an effective annual interest rate of 3.75%. After 6 yrs the loan was given to Jack, who valued the loan at an effective annual interest rate of 4.75%.

1) How much will Jack pay for the loan if it is repaid in 12 equal installments that start 1yr after the loan was made?

2) How much will Jack pay for the loan if it s repaid in 48 equal quarterly installments, that start 1yr after the loan was made?