1. Client #7

Jacquelyn found a townhouse for $250,000. Your bank can offer her a 15-year mortgage at 4.85%. She wants to know how much her monthly payment would be.

(5 pt) Determine Jacquelyns monthly payment. Write out 1) the correct formula with variables (e.g. P₀, P_N, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.

2. Client #8

To save for their grandchildrens college expenses, Ken and Laura plan to invest $300 monthly at 7.1% interest rate compounded monthly. They would like to know how much money they will have accumulated after 18 years.

(5 pt) Find the amount Ken and Laura will have accumulated. Write out 1) the correct formula with variables (e.g. P₀, P_N, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.