1) You want to buy a $228,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $__________ b) What will your monthly payments be if the interest rate is 6%? $_____________ c) What will your monthly payments be if the interest rate is 7%? $___________

2) You owe $17,000 on student loans at an interest rate of 4.5% compounded monthly. You want to pay off the loan in 7 years. What will your monthly payments be? $_____________ How much interest do you pay? $_____________