6. How much interest will be paid in the 7th month if you borrow $20,000 at a rate of 6%, compounded monthly, and pay it off over 6 years with monthly payments?

1. $331.46
2. $237.30
3. $89.04
4. $92.97

7. Janice will need to pay $200 at the end of every month for the next 12 months, except for the payment of the 5th month. What is the present value, assuming a rate of 4%, compounded semi-annually?

1. $2,160.06
2. $2,254.09

3. $2,152.48

4. $2,348.97