ASSIGNMENT (Each question carries 5 marks) 1. Bronco Repairs borrowed $15 000 from National Credit Union at 10% compounded quarterly. The loan agreement requires payments of $2500 at the end of every three months. Construct an amortization schedule. Here we have to determine the number of payments required. Use of the TVM Worksheet determines a value of n = 6.581682. This is interpreted as 6 payments of $2500 and a seventh payment of less than $2500 2. Laurin and Company want to build up a fund of $75 000 to replace the company's air conditioning system by making payments of $2000 at the beginning of every six months into a sinking fund earning 11% compounded semi-annually. Construct a partial sinking fund schedule showing details of the first three payments, the last three payments, and totals 3. Explain : a) Amortization of Loans b) Sinking Fund