For each the problems kindly provide the solution and double rule the final answer. 1. Jose buys a new home using an interest only loan where he pays only the interest on the value of the home each month. The home is valued at $200,000 and Jose pays 5% interest per year on the home. How much is his monthly interest payment? 2. 3. Macky is saving for a new car. He invests $50,000 into an account that pays 3% interest a year and is compound monthly. How much will he have after 5 years? 4. Alice puts P10000 into a savings account that pays interest every month at a rate of 1.8% per year. How much money does Alice have after one month? If he leaves his original investment and the first month of interest in the account, how much will he have after the second month? CASE A B C D E F Mary is planning to buy a car in three years. She wants to invest $50,000 now and hopes to have $600,000 to spend on the car when she buys it. What kind of interest rate would he need if his investment is compounded monthly? 5. For each of the cases shown in the following table, calculate the future value of the single cash flow deposited today that will be available at the end of the deposit period if the interest is compounded annually at the rate specified over the given period. Single Cash Flow P200 4500 10000 25000 37000 40000 Interest Rate 5% 8 9 10 11 12 Deposit Period (Years) 20 7 10 12 5 9