Michael invested $5900 in an account that pays an annual interest rate of 3.3%,compounded daily. Assume there are 365

days in each year. Answer each part. If necessary, refer to the list of financial formulas.

(a)	Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent.
	$
(b)	Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.
	%

When Ann bought her house, she got her mortgage through an online lending company. The mortgage was a personal, amortized loan for $97,500, at an interest rate of 3.65%,with monthly payments for a term of 25 years.For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

(a)	Find Ann's monthly payment.
	$
(b)	If Ann pays the monthly payment each month for the full term, find her total amount to repay the loan.
	$
(c)	If Ann pays the monthly payment each month for the full term, find the total amount of interest she will pay.
	$

Lucy wants to buy a townhouse that costs $82,000.The bank requires a

5% down payment. The rest is financed with a 15-year, fixed-rate mortgage at 7% annual interest with monthly payments.

Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas.

(a) Find the required down payment.

$

(b) Find the amount of the mortgage.

$

(c) Find the monthly payment.

$

The Richardsons bought a $383,000condominium. They made a down payment of $47,000 and took out a mortgage for the rest. Over the course of 15 years they made monthly payments of $2835.37 on their mortgage until it was paid off.

(a)	What was the total amount they ended up paying for the condominium (including the down payment and monthly payments)?
	$
(b)	How much interest did they pay on the mortgage?
	$

Amy is taking out a mortgage for $148,000 to buy a new house and is deciding between the offers from two lenders. She wants to know which one would be the better deal over the life of the mortgage loan, and by how much. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent.If necessary, refer to the list of financial formulas.

(a)	A savings and loan association has offered her a 15 -year mortgage loan at an annual interest rate of 4.8%. Find the monthly payment.
$
(b)	A bank has offered her a 15-year mortgage loan at an annual interest rate of 4.4% .Find the monthly payment.
$
(c)	Suppose Amy pays the monthly payment each month for the full term. Which lender's mortgage loan would have the lowest total amount to pay off, and by how much?
Savings and loan association
The total amount paid would be$less than to the bank.
Bank
The total amount paid would be$less than to the savings and loan association.

To help buy his new house, Dan is taking out a $247,000 mortgage loan for 30 years at 3.5% annual interest. His monthly payment for this loan is $1109.14. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is

112 of a year. Round your answers to the nearest cent.