Mathematics 11 Financial Literacy 8: Send-In Assignment naties Use the Months total cost of payments made onto determine the difference betweensoldfor twenty years payments and the total cost of pay to the same mortgage taken out over 30 years. INTEREST RATE MONTHLY PAYMENT PER THOUSAND DOLLARS 15 years 4.25% 20 years $7.53 30 years 4.5% 7.65 $6.21 $4.93 4.75% 7.78 6.34 5.08 5.0% 7.91 6.48 5.22 5.25% 8.04 6.60 5.3 5.5% 6.74 8.18 5.53 5.75% 6.89 8.31 5.69 6.0% 7.03 5.84 8.44 6.25% 7. 17 8.58 6.00 6.5% 7.32 6.16 8.72 6.75% 7.46 6.33 8.85 7.0% 7.61 6.49 8.99 7.25% 7.75 6.65 9.13 7.90 6.82 7.5% 9.27 8.06 6.99 II. Calculate the uany and annual rate on interest charged on a payday loan of $400 if the interest charged was $35 when it was paid back 6 days later. 11 . 11 20 .3 2 (2 marks) 12. Use the following personal loan payment calculator to determine the monthly payments and the total cost of borrowing $18000 at rate of 3% for 4 years. PERSONAL LOAN PAYMENT CALCULATOR Monthly payment per $1000 borrowed Interest Rate Term in Years 2 3 4 5 3.00 84.69 42.98 29.08 22.13 17.97