1.

Determine the size of the M1 money supply using the following information.

Currency plus Traveler's checks $25 million

Negotiable CDs $10 million

Demand deposits $13 million

Other checkable deposits $12 million

2. You open an individual retirement account (IRA) with a mutual fund and contribute $1,000 into the account each year. How much will be in the account after 20 years if the investment earns 7% annually?

3. What is the future value of $12,000 after 5 years if the appropriate interest rate is 6%, compounded semiannually?

4. You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20 years, what is the annual payment required to retire the mortgage loan? (Round it to the closest number)