Monthly mortgage payments are $1234.34 on a 30 year, $120,000 loan. What is the annual rate of interest?

1%

5%

6%

12%

2.

The Linton Foundation wants to create an annuity of $100,000 a year forever. They have found an investment that will pay 5%. How much do they need to invest to generate their annuity?

		$2,000,000
		$2,400,000
		$1,000,000
		none of the above

3.

LOTTO WINNER!!! You receive $50,000 today and receive $50,000 at the end of each year for the next 20 years. The interest rate is 10%. What is the prize worth today?

		$495,718.18
		$475,678.19
		$1,000,000
		$425,678.18