1. The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

Principal: $12,000

Rate: 2%

Compounded: semiannually

Time: 4 years

A. Find how much money there will be in the account after the given number of years.

B. Find the interest earned.

2. PMT=_P(r/n)_________

1-(1+r/n)-nt exponent

to determine the regular paymentamount, rounded to the nearest cent. The cost of a home is financed with a $140,000 30-year fixed-rate mortgage at 3%.

a. Find the monthly payments and the total interest for the loan.

b. Produce a loan amortization schedule for the first three months of the mortgage.