1. McKenna has a loan to be repaid by 15 annual payments at an effective annual interest rate of 3%. Payments 1-9 are $600 each, payments 10-13 are $340 each, and the last 2 payments are $630 each. Calculate the interest portion in McKennas 12th payment.

Possible Answers: A: 37.91 B: 45.01 C:49.87 D: 53.61 E: 56.89

2. A loan is being repaid with annual payments of $500 at the end of each year for 15 years. The rate of interest is 3.5% for the first nine years and 5% for the last six years. What is the loan amount?

Possible Answers: A< $5,700. B $5,700 but < $5,800. C: $5,800 but < $5,900. D: $5,900 but < $6,000 E: $6,000

3. Igoche takes out a loan of $6000, which he repays by the amortization method at a nominal rate of 9.6% compounded monthly. Igoche makes level monthly payments at the end of each month for 4 years. Find the amount of the monthly payment.

Possible Answers: A: 146.25. B: 149.89 C: 151.03. D:251.75 E: 583.16

4. Alan took a loan of $10,000 to be repaid in 7 level annual payments. The first payment is due at the time he took loan. The effective annual interest rate on the loan is 6%. Which of the following is closest to the amount of each payment?

Possible Answers: A: 1791 B: 1736 C: 1685 D:1690 E: 1695