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How much is second payment made fifteen months from today

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Problem 1: A payment of $675 is made 9 months from today to pay off a loan of $1000. Interest will be accrued at 5% compounded quarterly. How much is the second payment made 15 months from today if it pays off the remaining balance?

Problem 2: An account that earns semi-annual interest grew from $2000 to $3000. The effective interest rate for this account is 4.04%. How long (in months) did it take for this growth to occur? Round your number of compounds up to the nearest whole number.

Reference no: EM132916815

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