Problem 7 (Calculate the FV of an annuity): You recently began working for an employer that provides a 401(k) plan, which you are joining. You have decided to put $400 per month into the 401(k) plan, on each of your monthly payroll dates. If you invest aggressively, you believe you can earn 9% per year on your retirement savings for the next 32 years. What will your total value be at the end of the 32 years? [Note: remember to change your rate and number of periods to the monthly amounts, since your deposits to the 401(k) plan occur on a monthly basis.] Problem 10 (Calculate loan payment amount): You are assisting your son with purchasing his first car. He's decided to purchase a used car, and wants his loan to be no more than $20,000. If the interest rate on the loan is 4% per year, and he will be making payments on a monthly basis for 5 years, what will be his payment amount per month? Problem 11 (Amortize a loan): Create an amortization schedule for a $20,000 loan at 4% interest per year, with monthly payments over a 5 -year period. What portion of the 3rd month's payment will be interest? How much of the third payment will be used to reduce the principal balance? Problem 7 (Calculate the FV of an annuity): You recently began working for an employer that provides a 401(k) plan, which you are joining. You have decided to put $400 per month into the 401(k) plan, on each of your monthly payroll dates. If you invest aggressively, you believe you can earn 9% per year on your retirement savings for the next 32 years. What will your total value be at the end of the 32 years? [Note: remember to change your rate and number of periods to the monthly amounts, since your deposits to the 401(k) plan occur on a monthly basis.] Problem 10 (Calculate loan payment amount): You are assisting your son with purchasing his first car. He's decided to purchase a used car, and wants his loan to be no more than $20,000. If the interest rate on the loan is 4% per year, and he will be making payments on a monthly basis for 5 years, what will be his payment amount per month? Problem 11 (Amortize a loan): Create an amortization schedule for a $20,000 loan at 4% interest per year, with monthly payments over a 5 -year period. What portion of the 3rd month's payment will be interest? How much of the third payment will be used to reduce the principal balance