1)

Dan bought his first condo.City Bank offered Dan a 10 year mortgage with monthly payments.The terms of the mortgage loan require Dan to pay $140 per month at 4% interest.a) If Dan holds the condo for the ten years and pay off the entire loan, how much payments and interest will City Bank have earned on Dan's mortgage?

b) Total amount earned ?

2)

Baltazar is preparing to retire at 65.He is 55 right now.He believes he will need $500,000 of savings at that point to cover his retirement needs.

a) If Baltazar can earn 8% on his money, how much does he have to invest now to have enough saved?

b) What is the amount Baltazar must invest ?

3)

Edith saving money for a car which costs $36,000.The dealer has asked Edith to put 25% cash down now, and pay the rest on a monthly loan over 30 months at 6%.

a) If Edith makes payments at the end of each month, how much are they?

b) Principal amount Edith borrows today

c) Monthly loan payments ?