Joan Colby is approaching retirement and plans to purchase a condominium in Florida in three years. She now has $40,000 saved toward the purchase in a bank account that pays 8% compounded quarterly. She also has five $1,000 face value corporate bonds that mature in two years. She plans to deposit the bonds’ principal repayments in the same account when they’re paid. Joan also receives $1,200 per month alimony from her ex-husband which will continue for two more years until he retires (24 checks including one that arrived today). She’s decided to put her remaining alimony money toward her condo, depositing it as received in a credit union account that pays 8% compounded monthly. She’ll make the first deposit today with the check she already has. Joan anticipates buying a $200,000 property. What will her monthly payment be on a 15-year mortgage at 6%? What would the payment be on a 30-year loan at the same interest rate?