7.You want to buy a house and will need to borrow $285,000. The interest rate on your loan is 6.25 percent compounded monthly and the loan is for 25 years. What are your monthly mortgage payments?

8.

George Jefferson established a trust fund that will provide $188,500 per year in scholarships. The trust fund earns an annual return of 2.7 percent. How much money did Mr. Jefferson contribute to the fund assuming that only income is distributed?