Answer each of the following questions about simple interest and future value. Show your work in the space provided. Round answers to the hundredth place. Problem #1You invest $1,250 in an account that offers to pay you 3.5% interest annually. You do not add to the principal, and you intend on leaving the total amount in the account long term. 1. What is the amount of interest earned at the end of 1 year? 2. What is the future value in the account at the end of 3 years? Problem #2 You decide to save money to purchase an automobile. You save $1,500 and the total cost of the new automobile is $27,890. The dealership offers to loan you the remaining amount, in order to purchase the automobile, at 5.25% annual interest for 66 months. 3. What is the principal of the loan? 4. What is the total amount of interest that you will have paid on the loan when the automobile is paid off? 5. What would be the monthly payments for the automobile? 6. The dealership makes a different offer about buying the automobile. If you paid down $2,500, then the dealership will lower the interest rate to 4.25% for the same 66 months. If you decide to wait and save the extra amount for the down payment, and then purchase the automobile, how much would you save on each monthly payment? Problem #3 III. You purchased a new tablet computer for $990. New tablets depreciate at 17% a year. 7. What is the value of the tablet after 1 year using the straight-line depreciation method? 8. Using the straight-line depreciation method, between what two years after purchase will the value of the tablet be $0? Show your work here