25) A few years ago, Michael purchased a home for $394,000. Today the home is worth $520,000. His remaining mortgage balance is

$166,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can

borrow?

26) A payday loan company charges 4.75 percent interest for a two-week period. What is the annual interest rate?

27) Rebecca wants to buy a new saddle for her horse. The one she wants usually costs $600, but this week it is on sale for $500. She

does not have $500, but she could buy it with $50 down and pay the rest in 6 months with 14 percent interest. What is the amount

saved buying the saddle this way?