Determine the monthly payments on $2500 borrowed with 8% interest for the following terms (6 marks). *show your work for full marks* a) 1 year b) 2. 25 years c) 6. 75 years 2. MANUALLY: Determine the monthly payments on a $200 000 mortgage with borrowed for 22 years with the following interest. Show your work (6 marks) a) 3% b) 7% Answer the following questions using the web based calculator: 3. You want to borrow money to purchase a vehicle. The bank offers a personal loan for $30 000 with 7.2% interest You can afford to pay $550/month. (3 marks) a) How long will it take for you to pay off your loan? b) How much interest will you pay in total over that period of time? c) What would be your monthly payment if you wanted to pay off your loan in 5 years. 4. You and your partner decided to buy a home for $465 000 after down payment. A bank offers you a mortgage amortized for 25 years with 6% interest. (7 marks total) a) What would be your monthly payments (1 mark) b) Create an amortization table. (1 mark) c) How much interest would you pay on month 44? (1 mark) d) How much principal would you pay on month 15? (1 mark) e) In what month will your principal paid will exceed interest paid (1 mark) f) what would be your payments if you decided to pay bi-weekly? (1 mark) g) What would be your payments if you decided to pay on accelerated bi-weekly (1 mark)