Practice on amortization Problem 1: You wish to buy a car that costs SR 32998. The car dealer tells you that they can finance the car at 6.25% per year compounded monthly for 5 years. You decide to secure the loan from the dealer. How much will your monthly payments be? Problem 2: You pay SR 320 per month for 4 years for a property, making no down payment. If the loan borrowed costs 6% per year compounded monthly, what was the original cost of the property? How much interest will be paid? Problem 3: A sailboat costs SR 16,000. You pay 15% down payment and secure the loan for the remaining balance. How much are your monthly payments if 18% per year compounded monthly is charged over a period of 6 years? I Skillbuilder 4.9 Calculating Atomic Mass Magnesium has three naturally occurring isotopes with masses of 23.99, 24.99, and 25.98 u and natural abundances of 78.99%, 10.00%, and 11.01%. Calculate the atomic mass of magnesium. For More Practice Example 4.14; Problems 97, 98