#1) On June 1, you borrowed $195,000 to buy a house. The mortgage rate is 5.20 percent. The loan is to be repaid in equal monthly payments over 15 years. How much of the first payment applies to the principal balance? $714.43 $722.50 $717.51 $756.70 $658.56

#13) You want to borrow $34,800 and can afford monthly payments of $960 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford?

13.18 percent

14.52 percent

9.24 percent

13.67 percent

14.82 percent