1. The Turners have purchased a house for $150,000. They made an initial down payment of $30,000 and secured a mortgage with interest charged at the rate of 9% per year on the unpaid balance. What monthly payments will the Turners be required to make?

a. Future Value with compound interest

b. Present Value with compound interest

c. Future Value of an Annuity

d. Present Value of an Annuity

e. Sinking Fund 

f. Amortization

2. A newborn child receives a $20,000 gift towards college education from her grandparents. How much will the $20,000 be worth in 17 years it is invested at 7% compounded quarterly? 

a. Future Value with compound interest 

b. Present Value with compound interest 

c. Future Value of an Annuity 

d. Present Value of an Annuity 

e. Sinking Fund 

f. Amortization

3. Parents want to set up an account for their child studying abroad for the next 2 years, where they can receive a monthly allowance of $600. The account will be compounded 6.65% monthly. How much should they deposit so their child can have the allowance?

a. Future Value with compound interest 

b. Present Value with compound interest 

c. Future Value of an Annuity 

d. Present Value of an Annuity 

e. Sinking Fund

f. Amortization