Question $1$

$1pts$

A professor received $$78,000$ of grant money to hire research assistant. If the monthly pay level for a research assistant is $$2000.$ If he put the grant money for an interest$-$bearing account at monthly interest rate of $0\mathrm{.}28\%,$ approximately how many months of research assistant he can afford with this grant money? $($round to month, e$.$g$,$ for $28\mathrm{.}2$ month, enter $28,$ for $28\mathrm{.}7$ month, enter $29)$

Question $2$

$1$ pts

You just bought a car with $100\%$ financing. The sticker price of the car is $$26,000.$ The car loan APR is $5\mathrm{.}5\%,$ and it requires $4-$year equal monthly payments to pay off the loan, with the first payment to be $1$ month from now. What would be your monthly payment? $[$hint: the loan amount is the sticker price, which is the PV of the car loan payments at the quoted APR. You do need to convert APR to monthly rate.$)($round to $ amount$)$