1. Jack and Jill are best friends from University. Jack invested $3,000, earned 6.76 percent annually, and now has $3,821.66. Jill invested $4,000, earned 6.47% annually, and now has $4,653.08. Jack invested his money _____ years _____ Jill.

1. 2; after

2. 2; before

3. 1.3; after

4. 1.3; before

2. You are buying a condo in Oakville for $1.55 million, and are paying $675,000 down in cash. Today, you are financing the balance with a 25 year loan with monthly payments. If this loan has an annual percentage rate of 7.32 percent, what is the approximate amount of each loan payment?

1. $6,000

2. $6,364

3. $7,058

4. $10,910