1) You purchase an RV by making a down payment of $10,200. The terms of your finance agreement have an annual interest rate of 2.36%, compounded monthly, and require you to make 36 monthly payments of $1,498.75 each. What is the cash price (in dollars) of your RV? (Round your answer to the nearest dollar.)

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2) You purchase a plot of land worth $54,000 to create a community garden. To do so, you secure a 10-year loan, charging 5.44% APR, compounded monthly, and requiring monthly payments of $505. (Assume the value of the land is still $54,000. Round each answer to the nearest dollar.)

(a) Assuming that you put some money down, what was your original loan amount (in dollars)?

$ ?

(b)What is the outstanding balance (in dollars) on your loan after making 4 years of payments?

$ ?

(c) How much equity (in dollars) do you have in the garden after 4 years?

$?

3) Five years ago, you acquired a 30-year loan of $130,950, charging 6.7% annual interest, compounded monthly, and requiring monthly payments. At this time, interest rates on 15-year loans have dropped to 2.1% APR, compounded monthly, and you wish to refinance what you still owe with a new loan at this new rate.

(a)How much (in dollars) will you be refinancing? Round your answer to the nearest dollar.

$ ?

(b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent.

$?