14) 14, You are considering purchasing a new home. You will need to borrow $270,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage at 6% APR. If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to: A) S3094 B) $1934 C) SI547 D) $2708 15) 15. A bank offers a loan that will requires you to pay 8% interest compounded semiannually. Which of the following is closest to the EAR charged by the bank? A) 16.32% B) 9.79% C) 6.53% D) 8.16% 16 A 10% APR with quarterly compounding is equivalent to an EAR of A) 9.81% B) 10.47% C) 10.00% D) 10.38% 17) 17, A house costs $143,000. It is to be paid off in exactly ten years, with monthly payments of $1708.65, What is the APR of this loan? A) 8.65% B) 7.65% C) 6,65% D) 5.65% 18) 18) A pottery factory purchases a continuous belt conveyor kiln for $45,000. A 8.6% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $560.35, over what term is this loan being paid? A) 9 years B) 11 years C) 10 years D) 8 years