2. Let a payment of a quarterly annuity be A and assume a term of annuity of 1 year. Show that the future value of this annuity is given by FV=rA[(1+r)n1] [10 marks] 3. Suppose that Bupe received information on the mortgage loan that her late father signed. The information revealed a remaining balance of K36,188.09 on the loan which was obtained at 8%, and monthly payments of K733.76. She wants to know how many payments are left. [10 marks] 4. To build a new gym, Mulungushi University borrows K500,000 at 7\% interest to be paid semiannually for 15 years. The board set up a sinking fund paying 6% compounded monthly. This fund is to pay both the interest on the loan on time and to retire the original principal in 15 years. (a) What would the interest be on the loan? [10 marks] (b) How much would the monthly deposit be on the sinking fund? [10 marks] (c) How much would the club pay a month for both interest and principal