5. Jake owes $3,400 on his credit card. He is not charging any additional purchases because he wants to get this debt paid in full. The card has an APR of 13.9 percent. How much longer will it take him to pay off this balance if he makes monthly payments of $50 rather than $60? 6. You want to borrow $36,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $750, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? 7. You want to buy a house and have saved $20,000 to use as a downpayment. You can afford a monthly payment of $750. If the nominal interest rate on a 30 year loan is 6% and the nominal interest rate on a 15 year loan is 4%. How much can you pay for a house with a 30 year loan? How much can you pay for a