1. You would like to purchase a new summer house by the beach. You plan to pay the required down payment for that house at the end of five years. If the down payment required for the house is $30,000, and you can earn 5% a year on your savings, how much do you need to save at the end of each year for the next 5 years? 2. Suppose that you borrowed $25,000 from a bank at a monthly interest rate of 2% compounded monthly to purchase a car This loan is to be repaid in 24 equal monthly installments over two years. How much is the monthly installment? What would be the monthly installment if the bank's monthly interest rate were 1%