Question

A$.$ Suppose you have $$1000$ deposited at $5\%$ compounded quarterly. About how long it will

take your balance to increase to $$2400.$

B$.$ You want to buy a $$246,000$ home. You plan to pay $10\%$ as down payment and take out a

$30-$year loan for the rest.

i$)$ IIow much is the loun umount going to be$?$

ii$)$ What will be your monthly payments be if the interest rate is $6\%?$

Instructions:

a$.$ Complete both the questions and their sub$-$parts.

b$.$ Show all the calculations and steps.

c$.$ If your solution is negative instead of using brackets mark it with a minus $(-)$ sign.

d$.(\%)$ sign should not be added in final values.

e$.$ Add the final values in $2$ decimal places only.

f$.$ Do not use AI$.$