(Nonannual compounding using a calculator) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow $30,000 to pay for his new car. How large will Jesse's monthly car loan payment be if he can get a 7-year (84 equal monthly payments) car loan from the university's credit union at an APR of 7.1 percent compounded monthly?
Jesse's monthly car loan payment will be $ (Round to the nearest cent.)
(Compound annuity) You plan on buying some property in Florida 6 years from today. To do this, you estimate that you will need $45,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 9 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $45,000 when the final deposit is made, what will be the amount of your deposits?
The amount of your end-of-year deposits will be $ (Round to the nearest cent.)
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