1. Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $44,000 loan at 6% for 36 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) Monthly payment $
2. David makes a sequence of 39 monthly deposits of $490 each into an account paying interest convertible monthly. Immediately after making the 39th deposit, the account balance is $20991.32 dollars. What is the nominal rate of interest convertible monthly?
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