1. Find the present value of the annuity given the following. a) 36 monthly payments of $250 in an account where the interest rate is 3.5% compounded monthly. (2 marks)\f2. Find the payment needed to pay the following loans. a) $12500 at 8% compounded quarterly for 15 years. (2 marks)3. Find the monthly mortgage payment on the following mortgages. a) $350000 at 6.5% interest amortized over 25 years. (2 marks)4. A mortgage is set up for $115000 and is amortized over 25 years at 7.95% interest. Approximate the following payments: (5 marks) a) monthly b) semi-monthly c) weekly d) biweekly e) accelerated weekly6. Given the following ad for an apartment, what are the upfront costs? (2 marks) BR/ BA, Bright & Beautiful | Bedroom. Hardwood floors - With fridge and stove I year lease - Steps to subway - Close to Grocery, Shops, Restaurants, and much more - 24 Hour Access to Laundry Room and Facilities $2150/month 7. You paid $250750 for a house five years ago that listed for $265000. You have $232580 still owing on your mortgage. How much equity do you have in the house? (";9. You decide to borrow $23000 to do some renovations on your home. You are comparing two options. Option A: Monthly payments for three years at 2.5% financing compounded monthly. Option B: Monthly payments for five years at 3.5% financing compounded monthly. a) What is the monthly payment for Option A? (2 marks)b) What is the monthly payment for Option B? (2 marks) c) Give one logical reason for choosing option A and one logical reason for choosing option B. (2 marks)11. You have a net income of $40000/year. Your expenses include the following: . Rent: $800/month Insurance: $225/semi-annually . Car Payment: $315/month . Car Expenses: $1000/year . RRSP: $50/month . Entertainment: $50/week Cell Phone: $75/month . Food: $500/month a) Create a budget. (5 marks) You might want to set up a table b) Modify the budget to include a savings plan of $100/week. (2 marks) c) You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan. (2 marks)12. Define the following terms. (You may have to use your search engine on the internet to find some of them.) (7 marks) a) RRSP b) Mortgage C) RRIF d) RESP e) CMHC fee f) Land Transfer tax g) Equity 13. List 4 types of monthly expenses that one would have to include in a budget. (4 marks) 14. List 2 advantages and 2 disadvantages of renting versus buying a home. (4 marks)16. Use the section of an amortization table shown here to answer the following questions. (6 marks) C D E F 215000 Loan (S] 2 0.055 Rate/Year 0.004553 Rate/Month 1420.63 Payment(5) 6 Month Principal ($) Interest (S) Payment (S) Principal Reduction (S) Remaining Principal ($) 8 5215.000.00 5985.42 $1.420.63 5435 21 5214,564.79 9 5214,564.79 $983.42 $1,420 63 $437 21 5214,127.58 10 $214 127 58 $981 42 $1 420 63 $439 21 $213,688 37 11 $213.688.37 $979.41 $1.420.63 $441 22 $213.247 14 NOU LONE 12 $213.247.14 $977.38 $1.420.63 $443 25 $212,603.69 5212 803.89 $975 35 $1.420.63 5445.20 5212 350.62 $212 350.62 $973 31 $1 420 63 $447 32 $211.911 30 15 $211.911 30 $971 26 $1 420 63 $449 37 $211.461.93 16 5211.461.93 5969.20 $1.420 63 5451 43 5211.010.50 10 $211.010.50 5967.13 51.420.63 $453 50 5210.557.00 11 5210 557.00 $965.05 51 420.63 $455.58 5210.101 42 19 12 $210 101 42 $962 96 $1.420.63 $457 67 $209,643.76 20 13 $209.643.76 $960.87 $1.420.63 $459.76 $209,183.99 21 14 $209.183.99 $958,76 51.420.63 5461.87 $208,722.12 22 15 5200 722 12 5956 64 $1.420.63 $463.99 $200.250.14 23 16 $208 268 14 $954 52 $1.420 63 5466 11 $207 792 02 24 17 $207 792 02 $952 38 $1 420.63 $468 25 $207.323 77 25 18 $207.323.77 $950.23 $1.420.63 $470.40 $206.853.38 26 19 $206.853 38 5948.08 $1.420.63 5472 55 $206,380.82 27 20 5206.360.82 $945.91 $1.420.63 $474.72 $205.906.11 28 21 $205,906 11 $943 74 $1 420 63 $476 89 $205 429.21 29 22 $205.429.21 5941.65 $1.420.63 $479.08 $204,950,13 30 23 $204,950.13 5939.35 $1,420 63 $481 26 5204,468.86 31 24 5204.460.GG $937 15 $1.420.63 5483 48 5203,905.30 32 25 $703 985 36 5934 93 $1,420 63 $485 70 $203 499 68a) What is the monthly payment? b) What is the original principal? c) What is the interest portion of the 4th payment? d) What is the principal portion of the 6th payment? e) What is the balance remaining after the 2nd payment? f) Why do the interest portion values decrease as you go down the amortization table?18. $160 000 is borrowed at 7.25%. Compare the monthly payment and total interest to pay off the mortgage for a 25-year amortization and a 30-year amortization. (5 marks) Link to online Mortgage Calculator if you like: https://itools-ioutils.fcac-acfc.gc.ca/MC-CH/MCCalc-CHCalc-eng.aspx