DEVINE CASE
Starting three months after her grandson Robin's birth, Mrs. Devine made deposits of $80 into a trust fund every three months until Robin was eighteen years old. The trust fund provides for equal withdrawals at the end of each quarter for four years, beginning three months after the last deposit. If interest is 6.19% compounded quarterly, how much will Robin receive every three months Robin will receive $___.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Also Devine wanst to planning to bought a car, if Devine bought a car priced at 16,100 for 15% down and equal monthly payments for five years. If interest is 7% compounded monthly, what is the size of the monthly payment?
The monthly payment for devine will be then $___.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)