1. (4 points) Suppose you want to purchase a corvette with a price tag of S60,450. You somehow obtain a four-year loan with no money down at an annual rate of 6% compounded monthly. What are the monthly payments you will need to make for this car? 2. (6 points) Suppose you want to purchase a house that costs $210,000. You have enough cash on fford a 15% down payment and you need to amortize the balance with monthly payments on a 30-year mortgage with an annual interest rate of 3.97%. The monthly payments are $849.10. a) If all scheduled payments are made on time, calculate the total amount that will be paid for the house. b) Complete the following amortization schedule for the first 2 monthly payments of this house: End of Period Interest Payment Equity Outstanding Balance