1. You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at 5 percent interest compounded monthly. You can afford monthly payments of $1850. How much can you afford to borrow? Assume the mortgage is for 17 years.
2. You currently have $20000.00 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 (starting 1 year from now) every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?
3. A daily lottery is conducted in which 33 winning numbers are selected out of 59 numbers? (without duplication). How many different combinations of winning numbers are? possible?