1. A family takes out a mortgage for $287,200.00 from the local bank. The loan is for 30 years of monthly payments at a 5.76% APR (monthly compounding). What will the family’s balance be on the mortgage after 6.00 years?
2. By the condition of a will, the sum of P20,000 is left to a girl to be held in trust fund by her guardian until it amounts to P50,000. When will the girl receive the money if fund invested at 8% compounded quarterly?