1.) You are borrowing $300,000 for a house using an amortized mortgage. If you assume annual payments for 6 years and an annual interest rate of 2.5 %, how much less do you owe after the first payment?

2.) What is the price (to the nearest cent) of a 15-year bond paying an annual coupon rate of 7.9%, but paying it semiannually, per face (par) value of $1,000 if the annual market rates for these bonds are 12.2%?

3.) George will pay you 100 dollars in 14 years. How much is the present value of that if r = 3.4%?