119 Extra Calculator Problems Mackenzie wants to buy a new Mercedes. The cost is $80,000. Mackenzie will put 10% down and pay the rest in 5 equal annual payments which include interest at 8%. How much are the payments? If Mackenzie amortizes the above loan correctly, what would be the interest expense for the second year? If Mackenzie amortizes the loan correctly, what would be the principal balance after the third payment? If Mackenzie made 60 monthly payments (deal still the same, 10% down and 8% interest), what would be the amount of each payment? Still on monthly payments, what would be the interest expense for the second month? Suzie wants to have $1,000,000 in the bank in thirty years. If the bank pays interest at 6% compounded semi-annually, how much does she need to deposit today to reach her goal? Matthew wants to withdraw $1,000 per month for the next 5 years. He will withdraw his first amount in one month. The bank pays interest at 12% compounded monthly. How much does he need to deposit today to do this?