1)Ali borrows $239,000 to buy a house on March 1. The bank quotes the mortgage rate of 7.75 percent. The loan repayment schedule is asking for the payment to be repaid in equal monthly payments over 20 years. As April 1 happens to be the first payment date, how much of the third payment applies to the principal balance? (Each month is equal to 1/12 of a year.) (20 marks)

2) Kelowna Inc. reports a $67,500 liability to be paid four years from today. The firm plans to open a savings account for the repayment of the debt when it is due on maturity. The firm makes an initial deposit today and then plans to deposit an additional $10,000 a year for the next four years, starting one year from today. What amount does the firm need to deposit today if the account earns 5 percent rate of return? (20 marks)

3) Vancouver estate would like to purchase extra piece of land and develop a new community and recreational center. The anticipated total cost is $12.4 million. The CEO of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire construction project. Management has decided to save $235,000 a month for this purpose. The firm earns 7 percent compounded monthly on the funds it saves. How long does the company have to wait before expanding its operations? (25 marks)

HELLO I HAVE TO SUBMIT THIS IN PAPER SO PLEASE DO NOT USE EXCEL AND CALCULATOR WRITE ON PAPER AND PLEASE SHOW THE DETAILED STEP. THANKS FOR THE HELP