1. Assume that you want to save $25,000 into a sinking fund in 30 years. The account pays 5% compounded monthly and you will make your payments monthly as well. What should be the payment?
2. Assume that you make a payment of $150 at the end of each month into an account paying a 4.8% annual interest rate, compounded monthly. How much money will be in that account after 20 years?
3. You take out a business loan for $50,000. The annual interest rate is 15%, which you will pay off in 3 equal payments of $17,085.06. Construct the amortization schedule for the loan.