01. Jordans student loan of $26,000 at 3.22% compounded quarterly was amortized over 6 years with payments made at the end of every month. What was the principal balance on the loan after 4 years?

02.A lease of $8,900 had to be repaid with payments of $350 at the beginning of every month. The interest rate charged was 9.50% compounded monthly. a. How many payments are required to repay the debt? b. What is the size of the final payment?

03. Paige purchased a machine for $20,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 4.42% compounded monthly. She paid $1,125 at the end of every month to settle the loan.

a.What was the principal portion of payment number 4? b. What was the interest portion of payment number 4?

04. Michael purchased a house for $400,000. He made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 5.62% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 3 year period. a.Calculate the monthly payment amount.

b. Calculate the principal balance at the end of the 3 year term. c.Calculate the monthly payment amount if the mortgage was renewed for another 3 years at 6.32% compounded semi-annually?

All the questios must be rounded to the nearest cent.

Can be done in Excel.