1. (8 points) At the age of 35 you begin depositing $1,100 per month into an IRA earning 6.4% interest, compounded monthly. If you retire at 68 years old... (a) How much money will you have deposited into the account? (b) How much money will be in the account? (c) How much interest will have been earned? Clearly show your work in each part. 2. (10 points) Suppose you decide to buy a house for $235,000. The bank requires an 9% down payment for a 30 year mortgage at 4.5%. (a) What is the down payment? (b) What is the value of the mortgage? (c) If 3 points were required at closing, how much would they cost? (d) What would the monthly payments be? (e) What would the total amount paid at the end of the mortgage be? Clearly show your work in each part