Q1) You want to buy a house and have determined you can afford a 30 year mortgage with monthly payments of $1,575. If the APR on the loan is 4.4%, how much home can you afford to buy?

Q2) You just won the lottery and will receive $5,000,000 paid to you in 20 equal annual payments with the first payment being received at the end of this year. If the discount rate is 6%, what is the present value of the prize?

Q3)

You are purchasing new 3D printing equipment that has an initial cost of $37,000. The equipment will have the annual operating and maintenance costs indicated in the table. Annual costs occur at the end of the year.

Year 1	$2,500
Year 2	$3,000
Year 3	$1,000
Year 4	$5,000
Year 5	$3,000

If your cost of capital is 14%, what is the equivalent annual cost of the equipment?