e, which means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan, What would the loan balance be at the end of Year 3, and what would the balloon payment be? I y2 9 3 NONANNUAL COMPOUNDING (6/12)3 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 000 no more deposits. If the bank pays 4% nominal interest, compounded semiannually, how much will be in your account after 3 years? 100% One year from today you must make a payment of $10,000. 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 4% nominal interest compounded quarterly. How large must each of the two payments be? 10 PAYING OFF CREDIT CARDS Tang Zhe recently received a credit card with an 18% nominal interest rate. With the card, he purchased a Samsung 5 for $372.71. The minimum payment on the card is only $10 per month