13.Vacation Vans, Inc. is planning to borrow $250,000 on a12-year, 6.25%, annual payment, fully amortized term loan. What fraction of the paymentmade at the end of the second year will represent repayment of principal for Vacation Vans?

A. more than 54.2percent

B. more than 52.7percent, but less than 54.2percent

C. more than 51.2percent, but less than 52.7percent

D. more than 49.7percent, but less than 51.2percent

E. less than 49.7 percen

14.Howard just took out a $18,000 loan for his small business. The loan has a three yea term and repayment is in the form of three equal end-of-year payments.The interest rate on the loan is 8.75%per year.How much principal does Howard pay in the second payment?

A.$5,504

B.$5,986

C.$6,235

D.$6,510

E.$7,079

15.Baxter Bolts purchased a new machine for $98,000. Baxter Bolts acquired a loan at their bank for the full amount of the purchase price at the rate of 6.90%(APR). Baxter Bolts is making monthly payments on the loan that has a seven year term. Baxter Bolts has made each of the first 36 monthly payments at the end of the period and it is the beginning of the fourth year of thes even year term. How much interest will Baxter Bolts pay in the first month of the fourth year of the loan?

A.$354.70

B.$359.81

C,$395.62

D.$371.08

E.$362.44

16.Cora purchases a house for $150,000 by getting a mortgage for $135,000 and paying a $15,000 down payment. Assume she gets a 15-year mortgage with a 6.00%interest rate and she makes a monthly payment. If the house appreciates at a 2.00%rate per year, what will be the value of the house in 7 years? If equity is the value of the house minus how much is owed on the house, then how much equity does Cora have at the end of seven years?

A.$185,612; $79,663

B.$185,612; $81,039

C.$172,303; $65,102

D.$172,303; $79,663

E.$172,303; $85,615