How long will it take for payments of $350 to accumulate to $12,000 at 3% compounded monthly if made (a) at the end of every three months? (b) at the end of every six months? ... (a) It will take years andO months. (Type whole numbers. Simplify your answers.) (b) It will take O years andO months. (Type whole numbers. Simplify your answers.)

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A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

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A: A=P1+rnnt

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