1. The Grand Prize in a State Lottery is $500000, which will be paid in 20 equal annual payments of $25000 each. The State makes the first payment right away. How much does the State need to deposit in an account paying 6% compounded annually to be able to make the remaining 19 equal payments of $25000 each?
2. Find the monthly payment needed to pay off a loan of $2100 amortized at 5% compounded monthly for 5 years.
3. Jessica owes $2550 on a credit card that charges 1.7% effective interest per month. She decides to pay off the debt by making monthly payments of $70, starting one month from now, followed by a final smaller payment. How many payments, including the final one, will be required?