1. A person buys a piece of property for $ 3,000. The payment scheme calls for a $1,000 down payment now and $ 99.80 monthly payments for 24 months. What are the monthly effective rate, nominal rate, and effective interest rate?
2. What would be the amount of the payments for a $10,000 loan at 15%? With the following payment schedule: two equal payments, one due two years from now and the other the 4th year.