1. The owner of a hotel borrowed $13 000 at 7.8% compounded semi-annually and agreed to repay the loan by making payments of $750 at the end of every 4 months.
   1. How much payments will be needed to repay the loan?
   2. How much will be owed at the end of 5 years?
   3. By the end of 5 years of payments, what is the total interest payed?

2. A contract valued at $28 000 requires payments of $6500 every 6 months. The first payment is due in 5 years and interest is 12% compounded semi-annually.
   1. How many payments are required?
   2. What is the size of the last payment?