Part 1:

Poor Dog, Inc. borrowed $170,000 from the bank today. They must

repay this money over the next 4 years by making monthly payments

of $5005. What is the interest rate on the loan? (Round to nearest

100th of a percent and enter your answer as an annual percentage rate,

for example, as 12.34)

Answer:

Part 2:

What would be the sum of all the payments made (i.e., total $s paid over the 30 years, ignoring time value) on the following house mortgage? Loan amount is $238,000 with an interest rate of 6.9% per annum, term of 30 years, and monthly payments. (Round to nearest penny and enter, for example, as 123456.78)

Answer: