New Jobs Created borrowed $10600 at 14.25% simple interest from First Bank to purchase some office furniture. First Bank requires monthly interest payments and the full $10600 at the end of 4 years. In order to meet this obligation, New Jobs Created plans to make monthly deposits to a sinking fund earning 7.5% compounded monthly. Round up any part of a cent.

a. State New Jobs Created's total monthly obligation. b. What is the total interest earned on the sinking fund assuming all deposits are the same?