1. Jane wants to get a loan to buy a car. The loan amount will be $15,000. The loan is for 5 years at an annual interest rate of 5.0%. How much is Jane's monthly loan payment going to be?

2. Donny is interested in buying a home. The price of the home is $250,000. Donny has $30,000 to use as a down payment on the home. His interest rate will be 3.83% fixed for a 30 year period. If Donny purchases the home, how much will his monthly mortgage payment be?

3. Marie can afford a house payment (principal and interest) of $1,200 per month. Her bank is willing to give her a rate of 3.22% APR on a 15 year fixed mortgage. What is the maximum amount Marie can borrow based on this information?

4. Jimmy and his wife Breena have decided that they can afford a house payment of $1,500 per month (Principle and Interest). Their bank has offered them a rate of 3.75% APR for a 30 year fixed-rate mortgage. Based on this information, how much (maximum) can they borrow for their new home?

5. Jean Luc and his wife Beverly are considering a home mortgage with a loan amount of $350,000. The bank is willing to give them a 30 year fixed mortgage with a rate of 3.90% APR. They will make monthly payments. If they agree to the mortgage, how much will they pay in total interest over the life of the mortgage?

6. William and Deanna are trying to decide whether to sign up for a 15 year or a 30 year mortgage for a new home. The home mortgage will be for a total of $300,000.00. The 15 year rate is 3.20% APR. The 30 year rate is 3.95% APR. Calculate the difference between the monthly payment amounts for each loan (the 15 year vs. the 30 year).