5. What monthly payment is required to amortize a loan of $40,000 over 12 years if interest at the rate of 8%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $

6.The Flemings secured a bank loan of $272,000 to help finance the purchase of a house. The bank charges interest at a rate of 4%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to the nearest cent.) $

7.The price of a new car is $24,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 9%/year compounded monthly. (Round your answers to the nearest cent.)

(a) What monthly payment will she be required to make if the car is financed over a period of 24 months? Over a period of 36 months?

24 months	$
36 months	$

(b) What will the interest charges be if she elects the 24-month plan? The 36-month plan?

24-month plan	$
36-month plan	$