QUESTION11

a. The required return is 4.1​% APY​ (EAR). Suppose you borrow ​$27574 for college expenses today. What will be your payments per month if you will repay the loan over a period of  63 ​months, with your first payment being made 30 months from​ today? ​ (Rounded to the nearest​ cent.)

b. The required return is 9.9​% APY​ (EAR). How much would you need to save per month for the next 46 years so that you will have ​$0.925 million saved to retire​ on, 46 years from​ now, assuming your first payment is made one month from​ today? ​ (Rounded to the nearest 10​ cents.)

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