$1.$Determine whether each statement is true or false. If the statement is fabe, make the necessary changels$)$ to produce a true stotement

A$.$ You spent $1\%$ of your $$50,000-$per$-$year salary on gifts, so you spent $$5000$ on gifts for the year. $[$Section $8\mathrm{.}1]$

B$.$ Federal income tax is a percentage of your gross income. $[$Section $8\mathrm{.}2].$

C$.$ Collision coverage pays for damage to another car if you cause an accident. $($Section $8\mathrm{.}6)$

D$.$ Over the life of an installment loan, the interest portion increases, and the portion applied to pay off the principal decreases with each successive payment. $($Section $8\mathrm{.}7).$

E$.$ After depositing $$1500$ in an account at a rate of $4\%,$ my balance at the end of the first year was $$(1500)(0\mathrm{.}04).($Section $8\mathrm{.}31$

$2.$Under what circumstances should taxpayers itemize deductions? Explain. $($Section $82)$

$3.$Write the difference between debit cards and credit cards. $[$Section $8\mathrm{.}8]$

$4.$Describe the difference between simple and compound interest, $(5$ection $8,3$ and Section $8\mathrm{.}4)$

$5.$Define the terms mortgage and down payment with examples. $($Section $8\mathrm{.}7)$

$6.$In what circumstance do we use formula A $=$ Pett to calculate the future value from compound interest? $($Section $8\mathrm{.}4)$