1. You purchased a fridge, which is priced at $761.42 after tax. You are going to make 5 monthly payments of $161.42. The first payment is due on the day of purchase. The interest rate is 3% per month (APR is 36%, compounded monthly).

• What is the payment schedule look like?
• What is the cost of financing?

2. You want to purchase a condo at $325,000. With family support, you are able to make a down payment of 20% of the value and received a mortgage for the balance for a period of 25 years. You signed up for a fixed closed rate at 3.28% for a 3-year period.

• How much is the monthly payment?
• What is the outstanding balance at the end of the third year?