1.The Continental Bank made a loan of $32,000.00 on March 9 to Dr. Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 5% on March 9. The rate of interest was raised to 5.3% effective July 1 and to 5.6% effective September 1. Dr. Hirsch made partial payments on the loan as follows: $800 on May 27; $600 on June 29; and $500 on October 21. Each payment is first applied to any accumulated interest. Any remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any interest not paid off by partial payments. How (2.) Compute the compounding factor (1 + i)", for money earning 5.1% compounded monthly for 6 months. 3.) For a sum of money invested at 10.8% compounded monthly for 12 years state the following values. (a) the number of compounding periods (b) the periodic rate of interest (c) the compounding factor (1 + in (d) the numerical value of the compounding factor