Round all dollar answers to 2 decimal places, round time (years or months) answers to one (1) decimal place and record interest rates as percent values rounded to one (1) decimal place. However, be sure to NOT input a dollar sign, commas, or percent sign on D2L. For example, record $3,284.33965 as 3284.34, record 37.285432 years as 37.3 and record .064358 = 6.4358% as 6.4.

1. Upon graduation, Jill Valentine plans to purchase a new car. Jill believes that she will be able to secure financing from her credit union for a 60-month loan with a 5.99 percent annual rate, compounded monthly. Jill has saved up $1500 that she will use as a down payment on the car she plans to purchase, which has a final drive out price of $33,400 (excluding the down payment). If the first payment on Jill Valentines loan (i.e., the drive out price minus her down payment) is due exactly one month after she buys the car, how much will that amount be?

2. Suppose Link deposits $135,000 into an account earning 7.285 percent interest, compounded monthly. How many years (rounded to one decimal place for example, 32.1843 year = 32.2) will it take for Link s account to be worth $50,000?