15. How much interest will you pay on a loan of

$12000

if you are paying the loan off in

6

months and your loan rate is

8

percent? (Round to the nearest dollar.)

19. The Taylors agreed to make monthly payments on a mortgage of

$130 comma 000

amortized over

15

years. Interest for the first

3

years was

7.5

percent compounded semi-annually. Determine the mortgage balance at the end of the

3

-year

term.

26. How much money must you save at the beginning of each month if you want to save

$4000

in

2

years for a down payment on a new car? The account to which you are saving earns interest at a rate of

6

percent compounded monthly.