1. Two credit cards both state an APR of 20%. First National Banks card charges 1.667% compounded monthly. First United Banks card charges 10% compounded semiannually (twice a year). Given these APRs, what are the effective annual rates charged by these two credit cards?

2. You want to buy a new house, but you are not sure what you can afford. What is the monthly payment for a 30 year loan with a 5.25% APR if the loan is for $290,000?

3. You want to know if you can afford a slightly more expensive house. What is the monthly payment for a 30 year loan with a 5.25% APR if the loan is for $325,000?