3. Use the TVM to find each of the following: (a) Take out a 20 year mortgage at 4.2% compounded monthly. The mortgage amount is $210,000, and I want to completely pay it off in 20 years. How much monthly payment should I expect to make? N= 1%= PV= PMT= FV= P/Y= C/Y= (b) In part (a), calculate what 20 years worth of monthly payments comes to. How much more than $210,000 is this? (c) I could also take out a 30 year mortgage for 3.8% compounded monthly. How much are my monthly payments? N= I%= PV= PMT= FV= P/Y= C/Y= (d) In part (C), how much more than $210,000 do I end up paying in 30 years worth of monthly payments? (e) I have a bank which will automatically take a fixed amount out of my checking account and transfer it to the savings account. If I have it transfer $70 per month, into an account which bears 8% interest compounded monthly, and I do this for 20 years, how much money is in the account? N= 1%= PV= PMT= FV= P/Y= C/Y= (f) If I use the deposit transfer scheme from part (e), how much do I have in 40 years? 80 years? 3. Use the TVM to find each of the following: (a) Take out a 20 year mortgage at 4.2% compounded monthly. The mortgage amount is $210,000, and I want to completely pay it off in 20 years. How much monthly payment should I expect to make? N= 1%= PV= PMT= FV= P/Y= C/Y= (b) In part (a), calculate what 20 years worth of monthly payments comes to. How much more than $210,000 is this? (c) I could also take out a 30 year mortgage for 3.8% compounded monthly. How much are my monthly payments? N= I%= PV= PMT= FV= P/Y= C/Y= (d) In part (C), how much more than $210,000 do I end up paying in 30 years worth of monthly payments? (e) I have a bank which will automatically take a fixed amount out of my checking account and transfer it to the savings account. If I have it transfer $70 per month, into an account which bears 8% interest compounded monthly, and I do this for 20 years, how much money is in the account? N= 1%= PV= PMT= FV= P/Y= C/Y= (f) If I use the deposit transfer scheme from part (e), how much do I have in 40 years? 80 years