1. Mary borrows $420 000 to start a small business. She agrees to repay the loan over a period of five years, from the time the loan is granted. The first payment, however, will be nine months after the granting of the loan. The interest rate is 18% p.a. compounded quarterly. Calculate the quarterly installments?
2. An industrial freezer with a cash price of $2,295 is purchased on the instalment plan with a $275 down payment and 30 monthly instalment payments of $78.98. Find the amount financed, installment price, and finance charge for the freezer.