11. You want to buy a $251,000 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 5%?

$_________________

c) What will your monthly payments be if the interest rate is 6%?

$_________________

12. You deposit $6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 15 years?

$_____________

13. You deposit $2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 10 years?

$______________

14. Find the simple interest owed if $500 is borrowed at 3.2% for 6 years.

$_____________

15. How much should you invest at 4% simple interest in order to earn $90 interest in 8 months?

$_____________

16. What is the simple interest rate on a $1950 investment paying $695.18 interest in 11.5 years?

= _____________%(round to the nearest tenth of a percent)

17. You deposit $1050 in a savings account paying 2.3% simple interest.

How much interest will you earn in 3 years? = _____________

How much is in the account at the end of 3 years? = _____________

18. A friend lends you $130, which you agree to repay with 3% interest.

How much will you have to repay?

$_____________

How much of that was interest?

$______________

19. A friend lends you $860, which you agree to repay with 4% interest. How much will you have to repay?

$_______________

20. The city is issuing bonds to raise money for a building project. You obtain a $5200 bond that pays 3% interest annually that matures in 9 years. How much interest will you earn?

$_____________________