Colin recently started a part$-$time job. He is saving to travel to Europe. He plans to deposit $$500$ at the end of each month into an account that pays $2\mathrm{.}4\%$ per year, compounded monthly. How much will Colin have saved at the end of eight months? $(2$ Marks$)$

Determine the present value of monthly car payments of $$590$ at $6\mathrm{.}9\%$ per year, compounded monthly for two years. $(2$ Mark$)$

What effect does each of the following have on the regular payment and the total interest paid on a mortgage? Provide an example for each. $(6$ Marks$)$

a$)$ Increasing the amortization period

b$)$ Making more frequent payments

c$)$ Making accelerated payments