1a) A group of private investors purchased a condominium complex for $2.5 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 11 years at an interest rate of 10% per year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.)
1b) Jessica wants to accumulate $10,000 by the end of 5 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 5-yr period. If the bank pays interest at the rate of 5% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.)