Please answer question 8.

7. Tracy is borrowing $8000 on a six-year loan that has an APR of 11 percent, compounded monthly. What is her real cost of borrowing? What will her monthly payments be? 8. Margie has had a tough month. First, she had den- tal work that cost $2700. Then, she had major car repairs, which cost $2400. She put both of these unexpected expenses on her credit card. If she does not pay her balance when due, she will be charged 15 percent interest, compounded daily. Margie has $15 000 in a money market account that pays 5 percent interest, compounded monthly. How much interest would she pay (annualized) if she does not pay off her credit card balance? How much inter- est will she lose if she transfers the money from her money market account? Should she transfer the money from her money market account? 9. Harry purchased his condo for $330 000 and now the appraised value is $360 000. His outstanding mortgage is $228 000. What is the maximum home for2