1.You invest $300 a month at the end of each month for 14 months at an annual rate of 3% compounded monthly. How much money would you have at the end of the 14 months?

A.$4269

B.$5126

C.$5348

D.$6233

2.How would the answer to 1 change if you invested the $300 at the beginning of the month instead of the end.

A.$3895

B.$4073

C.$4280

D.$5280

3.You have $700 in your saving account and would like to add to it $100 a month for the next 5-years. If you can earn 4%, what would be the balance of your savings account at the end of the 5 years?

A.$6781

B.$7485

C.$7507

D.$7899

4.You purchased a home for $250,000 and borrowed 80% of the value for 30 years at 4.5%.

Calculate your monthly payment

A.$1013

B.$1052

C.$1298

D.$1367

5.Your gross annual salary is $46,000. Your mortgage monthly payment cannot exceed 28% of your gross monthly income. You are applying for a conventional 30-year mortgage at a 4.8%. Calculate your maximum monthly payment

A.$1073

B.$1125

C.$1166

D.$1221

6.You are eligible for $1026 monthly payment on a 30 year 4.5% fixed rate mortgage. You are interested in a condo whose property taxes are $300 a month and homeowners insurance are $60 a month.

a.How much money can you borrow and what is your monthly payment ?

A.$126,455, $713

B.$129,488, $765

C.$131,442, $666

D.$136,267, $806

b.What is the interest and principle portions of your first payment

A.$333, $333

B.$466, $200

C.$493, $173

D.$500, $166

c.What is the principle balance of your mortgage after 15 years (180 payments)?

A.$87,059

B.$88,533

C.$93,125

D.$100,147

d.How much interest have you paid over the past 15 years (180 payments)?

A.$44,383

B.$49,321

C.$62,830

D.$75,497

e.If you increased your monthly payments by $50, how long would it take you to payoff your mortgage?

A.About 26 years

B.About 28 years

C.About 30 years

D.About 32 years