III. Assume compound interest is used to solve the following problems. 1. Stanley borrowed $4500.00 from his credit union to do some home renovations. The loan bas an annual interest rate of 5.75% and an amortization period of 3 years. a. What is Stanley's monthly payment? b. Caleulate the total amount be will pay over 3 years. c. Calculate the finance charge on the loan. 2. Adele wants to buy a used car that costs $2900,00. She has $1100.00 saved up for a down paymeat. a. How much will Adele have to borrow to buy the car? b. She can get a loan at 6.50% per anmum with an amortization period of 2 years. What will be her monthly payment? c. What will be the total she pays for the loan? d. How much will the car cost? 3. Calculate the monthly payment, the total amount peid, and the finance charge for the following loans: a. $2000.00 at 8.00% per annum for 3 years; b. $10.000.00 at 6.25% per annum for 5 years; and c. $1500.00 at 3.75% per annum for 2 years. 4. Harley used her credit eard to make the following purchases during the month. She does not have to pay interest on purchases during the month, only on outstanding balances. Her credit eard comosmy charges 18.50% ner annum. a. What is her balance due on the statement date, November 28 ? b. If the minimum payment is 5% or $10.00, whichever is greater, what is Harley's minimum payment? c. If she pays only the minimum and doesa't use the eard between then and the next statement date, how nuch will she owe on her December 28 statement