ASNWER THE FOLLOWING QUESTION THIS IS ONE PROBLEM

- You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $9,000 at the end of the first year, and you anticipate that your annual savings will increase by 10% annually thereafter. Your expected annual return is 9%. How much will you have for a down payment at the end of Year 3? Do not round intermediate calculations. Round your answer to the nearest cent. a. Complete an amortization schedule for a $31,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 12% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent. b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places. I. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. II. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance declines. III. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance increases. IV. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance increases. V. These percentages do not change over time; interest and principal are each a constant percentage of the total payment. - You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 6% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the nearest cent. One year from today you must make a payment of $8,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2 ) in a bank that pays 6% nominal interest compounded quarterly. How large must each of the two payments be? Do not round intermediate calculations. Round your answer to the nearest cent. Simon recently received a credit card with a 12% nominal interest rate. With the card, he purchased an Apple iPhone 11 for $680. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. b. If Simon makes monthly payments of $40, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest whole number. c. How much more in total payments will Simon make under the $10amonth plan than under the $40amonth plan? Do not round intermediate calculations. Round your answer to the nearest cent