Please explain the answer a little.

Question NO. 1

What equal payments in 2 years and 5 years would replace payments of $ 37,500 and $ 82,500 in 6 years and 9 years, respectively? Assume money can earn 4.02% compounded monthly.

Question NO 2

A payment of $ 14,000 is due in 1 year and # 11,000 is due in 2 years. What two equal payments, one in 3 years and one in 4 years would replace these original payments? Assume that money earns 2.25% compounded quarterly.