1. You are given the following information about two different loans:

1. A loan of $A is taken out today at j₄ = 6%, repaid over n-years with quarterly payments of $2793.28. The total amount of principal repaid in the first 5 years (first 20 payments) is $26,436.83. What is A? (4 marks)

A loan of $P is taken out today at j₁₂, to be repaid over n-months with monthly payments. You are given the following information: the principal repaid in the 32^nd payment is $343.79, the principal repaid in the 41^st payment is $376.00 and the outstanding balance after n 1 monthly payments have been made is $576.77. What is the value of P?