1. Calculate the solution to the following:

a) Pauline and Dan intend to buy a residential property selling for $625,000. They have $100,000 saved for the down payment. If the mortgage rate is 3.25%, compounded semiannually, amortized over 20 years, how much would their monthly payments be?

b) A 1969 PONTIAC GOT THE JUDGE 4 Speed, convertible was for sale with a current asking price of $311,714. If a return of 11.1%, compounded annually, was earned and the manufacturers recommended price was $5,000, how many years (approximately) must have elapsed since it was originally built? Round your answer to 2 decimal places and do not enter any symbols such as $,% or commas.

c) Jake will retire next month and will have $619,209 in Registered Retirement Savings Plans (RRSPs). He wants a quarterly payment at the beginning of each quarter and expects to earn 10.8%, compounded quarterly in the equity and bond markets as an average. What quarterly amount would he be able to withdraw if his fund is expected to last 20 years? Ignore taxes, round to the nearest dollar and do not enter any symbols such as $, % or commas.