1. The Howe family recently bought a house. The house has a 30-year, $276,957.00 mortgage with monthly payments and a nominal interest rate of 3.5 percent. What is the total dollar amount of interest the family will pay during the first 4 years of their mortgage? (Assume that all payments are made at the end of the month.)

2. Terry Austin is 30 years old and is saving for her retirement. She is planning on making 21 contributions to her retirement account at the beginning of each of the next 21 years. The first contribution will be made today (t = 0) and the final contribution will be made 20 years from today (t = 20). The retirement account will earn a return of 11.4 percent a year. If each contribution she makes is $4,314.00 how much will be in the retirement account 20 years from now (t = 20)?

3. A baseball player is offered a 5-year contract that pays him the following amounts: Year 1: $1.6 million Year 2: $1.3 million Year 3: $1.9 million Year 4: $1.4 million Year 5: $1.7 million Under the terms of the agreement, all payments are made at the end of each year. Instead of accepting the contract, the baseball player asks his agent to negotiate a contract that has a present value of $3 million more than that which has been offered. Moreover, the player wants to receive his payments in the form of a 6-year annuity due. All cash flows are discounted at 12 percent. If the team were to agree to the players terms, what would be the players annual salary (in millions of dollars)?

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