How expensive a car loan can you afford if you can make payments of $300 per month at a fixed rate of 8.1% interest (compounded monthly) over a 5 year loan? 6. 7. Determine the monthly mortgage payments if you take out a 20 year house loan for $180,000 with an annual interest rate of 5.4% compounded monthly (b) How much will you pay in interest if (a) Monthly Payment is you make the minimum monthly payment A 30-year mortgage for $150,000 with an annual interest rate of 4.8% has a monthly payment of $787 Use the information to illout the first three months of the amortization schedule below (is0,so) Cous 8. | Month! Payment Interest | Parin enato | New Balance Principal Prt $150,000 $787 600 187 A30 year mortgage for $150,000 with an annual interest rate of48% has a monthly payment of S787.00. Suppose that after 10 years, you decide to refinance to a 15 year mortgage at 3.9% interest compounded monthly 9. (a) If you refinance after 10 years find the balance of the loan for the remaining 20 years. (b) What will your new payments be if you refinance the remaining mortgage at 3 9% for 15 years? 10. Suppose you start making monthly payments of $250 into an annuity earning 4 8% interest compounded monthly. How many years will it take for this annuity to have a value of $100,000