d. $9,763.58 QUESTION 6 The Johnsons have accumulated a nest egg of $25,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest deductions) toward the purchase of their house. However, because of other financial obligations, their monthly a minimum of $1,000/month in monthly payments (to take advantage of their tax ents should not exceed $1,800. If local mortgage rates are 9.5%/year compounded monthly for a conventional 40-year mortgage, what is the price range of houses that they should consider? If the Johnsons decide to secure a 20-year mortgage instead of a 40-year mortgage, what is the pri houses they should consider when the local mortgage rate for this type of loan is 9%? The price of houses for 40-yr mortgage lies between $136,145 and $225,061; for 20-yr mortgage - between $148,447 and $247,205. The price of houses for 40-yT mortgage lies between $148,447 and $247,20:5; for 20-yr mortgage-between $136,145 and $225,061. The price of houses for 40-yr mortgage lies between $5,461,292 and $9,810,325; for 20-yr mortgage - between $692,887 and S1,227,196. O b. O c. QUESTION7 As a fringe benefit for the past 8 years, Colin's employer has contributed S50 at the end of achmonth into QUESTION7 As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed $2,000 at the end of each of the last 4 years into an IRA that pays interest at the rate of 10%year compounded yearly. How much does Colin have in his retirement fund at this time? O a. $15,975.43 O b.$6,693.43 C c. S9,282.00 d.$9,813.83 QUESTION 9 Robin, who is self-employed, contributes $5,500/year into a Keogh account. How much will he have in the account after 15 years if the account earns interest at the rate of 8.5% year compounded yearly? a. $18,698.59 b.$219,983.36 O c. $6,623.25 Od.$155,277.48 QUESTION 10 Pierce Publishing sells encyclopedias under two payment plans: cash or installment. Under the installment plan, the customer pays S23month over 2 yr with interest charged on the balance at a rate of 15% year compounded monthly. Find the cash price for a set of encyclopedias if it is equivalent to the price paid by a customer using the installment plan. Please round the answer to the nearest cent. O a. $332.81 O b.$564.26 c. $474.36 d.$420.19 e. $406.93 ul Verizon 4:57 PM Done Notes Please answer all