1. Write a summary explaining future value and present value of an annuity and include examples for both for finance. Sum everything up in a minimum of 150 words. Give the summary a title and include a full link of where to find helpful information related to the topic.
2. Prof. Chaos finds a new house he wants to buy for $260,000. After selling his current house he expects to have $80,000 as a down payment for his new house. What would Prof. Chaos monthly payment be on the $180,000 mortgage he would need if he takes out a 30-year fixed rate mortgage at a 4% nominal annual rate? (round your answer to the nearest cent)