1) You want to buy a $250,000 home. You plan to pay 15% 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 $34,000 on student loans at an interest rate of 5.3% compounded monthly. You want to pay off the loan in 8 years. What will your monthly payments be?

$___________

How much interest do you pay?

$____________

3) You decide to quit using your credit card and want to pay off the balance of $13,800 in 3 years. Your interest rate is 16.2% compounded monthly. What will your monthly payments be? $___________ How much interest do you pay? $__________