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1) Assume you are purchasing your 1st house for $400,000, and are making the $80,000 down payment. You have arranged to finance remaining amount with 15-year, monthly payment, amortized mortgage at the 3.60% nominal interest rate. What will your equivalent monthly payments be?

2) You plan to borrow $50,000 at a 6% annual interest rate. Terms need you to amortize loan with ten equal end-of-year payments. How much interest would you be paying in Year four?

3) You just deposited $3,500 in the bank account which pays a 7% nominal interest rate, compounded quarterly. If you also add another $9,000 to account one year (12 months) from now and another $7,500 to account two years from now, how much will be in account three years (12 quarters) from now?

4) Your sister turned thirty five today, and she is planning to put aside $5,000 per year for retirement, with 1st deposit to be made one year from today. She will invest in the mutual fund that will give a return of 8.5% per year. She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend in each year after she retires? Her first withdrawal will be made at the beginning of her first retirement year.

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