1. Assume youve recently purchased a home for $129,000 and you will be making monthly payments on the mortgage. If the mortgage is for 30 years at an interest rate of 5%, what will be the monthly payment? For the first monthly payment, how much will go towards interest payment and how much will go towards repayment of the principal? Show your work.

2. M&T Bank pays 7% simple interest on its savings account balances, while Citizens Bank pays 7% interest compounded annually. If you made a $5,400 deposit in each bank, how much more money would you earn from your Citizens Bank account at the end of 9 years?