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1) You borrow $5,600 to buy a car. The terms of the loan call for monthly payments for four years at a 5.9% rate of interest. What is the amount of each payment?

a. $131.26

b. $133.04

c. $103.73

d. $130.62

e. $103.22

2) You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?

a. $226,059

b. $287,086

c. $375,059

d. $138,086

e. $218,161

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92791729

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