1. Lauran purchased a new vehicle by making a down payment of $5,500 and financing the rest over the next five years with monthly payment of $325. If the rate of interest being charged was 2.44% compounded monthly, what was the purchase price of the vehicle.

2. Derek borrowed $17,800 and is going to apy it back by making quarterly payment of $700. If Derek is being charged 3.4% compounded monthly, how long in years and months will it take to pay off the loan?

3. Arpqn made monthly payment of each month for 13 years into an investment account. At the end of the 13 years he had $145,369.36 in the account. What interest rate compounded semi annually was arpan earning?

4. Frank purchased a home for $350,000. He was able to putt down 20% of the purchase price and is going to amotrize the rest over 25 years with monthly payments. He has secured an interest rate of 2.35% compounded semi annually for the first 4 years.

A. What is the size of the monthly payment for the first four years?

B. What will the outstanding balance be at the end of the first 4 years?