1. If you lend $1,000 to a friend for 3 years at an interest rate of 3%, how much will she owe you as balloon payment at the end? This is a balloon loan with all payment at the end of the loan's term. Round to the nearest dollar.

2. If you take out an amortized loan of $8,000 for 6 years at an interest rate of 6%, what are the annual payments you'd have to make to pay it off? Round to the nearest dollar.

3. Suppose you are buying a $250,000 house. You will make a 20% down payment and take out a mortgage for the rest. A mortgage lender offers a 3.5% fixed rate loan for 30 years. If you go with this loan, how much will your monthly payments be? Round to the nearest dollar. [Hint: This is an amortized loan with monthly payments. Since down payment is 20%, the mortgage principal is 80% of the cost of the house]