1. Today you borrowed $6,200 to buy yourself a nice new TV because we all know this class is so hard and you deserve something nice. You agreed to make interest only payments every month for the next 3 years and then at the end of the 3rd year pay back the $6,200 you borrowed. The sales clerk tells you that the monthly payments are $100. Your discount rate is 6%. How much did the TV really cost you i.e., the present value of the interest payments and the repayment of the $6200? (Hint: This is a bond problem; we just changed the term coupon for interest and face value for TV price)