Expert answer:Adam deposited $10,000 in a 5-year CD which pays 4

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Solved by verified expert:For each problem, show the formula used and all calculations used. 1. Adam deposited $10,000 in a 5-year CD which pays 4.2% compounded monthly. Find the account value at the end of the 5th year and the amount of interest earned during this 5 year period.2. Bob wants to have $20,000 available in 3 years. How much should he deposit now if he can get an interest rate of 3.2% compounded quarterly and how much interest will he get?3 .David deposits $500 at the end of each month for 7 years in an account paying 3.6% compounded monthly. He then puts the total amount on deposit in another account paying 4%interest compounded semiannually for another 8 years. Find the final amount on the deposit after the entire 15 year period.4. Charles needs $15000 in 5 years. How much must he deposit at the end of each month for 5 years in an account paying 3.9% compounded monthly so that he will have $15000 in 5 years.5. A $100,000 loan is taken out at 8.22% compounded monthly for 30 years for the purchase of a house. The loan requires monthly mortgage payments. a) Find the amount of each payment b)Find the total interest paid over the life of the loanc)Prepare an amortization schedule for the first 3 months of this mortgage. payment # / monthly payment / interest period / portion to principal / loan balance 0123

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