part a and b are not directly related . round your answers to the nearest cent.
a) suppose you want to set up a sinking fund to purchase a new car in 4 years. you anticipate that the car will cost $54000. if the bank promises a nominal interest rate of 6% compunded monthly, determine the amount of each monthly installment you need to pay to meet your goal.
b) what monthly payment is required to pay off a loan of $20000 over 10 years if the interest rate of 4% is changed on the unpaid balance and interest calculations are made at the end of each motn?