1. Your business borrowed $167,000 at 9.3% from the local bank. The loan was to be repaid over 30 years with 6 payments each year. You just remitted payment number 65.

Due to a cash flow problem, your bank needs to recover their money from the loan sooner than they had planned. They have made arrangements to sell the loan to another financial institution. The other institution intends to pick up 192 basis points beyond the 9.3% that your bank was earning. How much does the other institution pay to purchase the loan? Round your answer to two decimal places.

2. Your business borrowed $154,000 at 8.4% from the local bank. The loan was to be repaid over 30 years with 6 payments each year. You just remitted payment number 63. How much interest will be paid over the life of the loan, assuming that you pay it off as scheduled? Round your answer to two decimal places.