1. Calculate the monthly payment for a 25-year mortgage for $300,080 at 5.1% interest compounded monthly? 2....

Question:

1. Calculate the monthly payment for a 25-year mortgage for $300,080 at 5.1% interest compounded monthly?
2. Decreasing Thirty-one thousand dollars is deposited into a savings account paying 3% interest compounded quarterly and $1000 is withdrawn at the end of each quarter. How much money is in the account after 4 years?
Use difference equations to answer the question.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...