5. A borrower with two mortgages defaults. At the time of the default, the first lien has a balance of $200,000, the second lien has a balance of $50,000. The borrower owes $5,000 in property taxes. The house sells for $150,000 in a foreclosure auction. How much of a deficiency will the first lien lender have in dollars, not %)? 6. You deposit $50,000 once at an interest rate of r=2.40% compounded monthly. How much will you have in 30 years? 7. You save $500 every week (i.e. not once) to your bank account. The bank pays you 3% compounded weekly to the same account. How much money will you have in your bank account in 35 years? (Note: there are 52 weeks in a year) 8. You buy a 30-year zero coupon bond with a face value of $1000 and a 4% interest rate, compounded semi- annually. The moment after you buy the bond, the interest rate falls to 3%, compounded semi-annually. What is the percent change in the bond price? Note: the sign is important! 9. A bank offers a 30-year annuity with monthly payments of $2,000 (the first payment comes in 1 month fro today). If the discount rate is 5%, compounded monthly, how much should this annuity cost today