Question 1 Oleg took out a $16 000 loan from the bank to pay for school. The bank offered him an interest Not yet rate of 5.6%, compounded quarterly. The loan is to be repaid in 3 years. What amount did Oleg answered need to pay back? Marked out of 1.00 A. $18 904.95 B. $18 919.59 Flag question C. $18 841.34 D. $18 688.00 O a. A Ob. B Oc. C O d. DQuestion 2 Claude has been approved for a $12 400 loan to pay for a new boat. The terms of the loan state that Not yet it must be repaid in 4 years at a simple interest rate of 9.6%. How much interest must Claude pay answered on this loan? Marked out of 1.00 A. $17 892.21 B. $4761.60 F Flag question C. $5492.21 D. $17 161.60 Oa. A O b. B OCC O d. DQuestion 3 Cormac wants to pay off all his debts in 4 years. He has two credit cards on which he makes Not yet monthly payments: answered . Card A has a balance of $3002.91 and an interest rate of 17.6%, compounded daily. Marked out of . Card B has a balance of $4712.01 and an interest rate of 15.9%, compounded daily. 1.00 Cormac wants to consolidate his debts into a line of credit with an interest rate of 8.9%, compounded monthly. If Cormac does not consolidate his debt, what will his combined monthly F Flag question payments be? A. $87.78 B. $191.62 C. $221.33 D. $133.55 O a. A O b. B OCC O d. DQuestion 4 Kristina took out a bank loan for $60 000 that must be repaid with regular monthly payments of Not yet $1 100. The bank charges her an interest rate of 3.0%, compounded monthly. How many payments answered will Kristina have to make to pay off the bank loan? Marked out of 1.00 A. 59 B. 58 Flag question C. 55 D. 54 Oa. A Ob. B O c. C O d. DQuestion 5 Kareem is purchasing a new television that costs $2250. He has two different options to finance Not yet the purchase and he wants to pay off the debt in a year by making regular monthly payments. answered Option A: Finance the purchase through the store at an interest rate of 12.1%, compounded daily, Marked out of with a $125 rebate. 1.00 Option B: Finance the purchase with a line of credit at an interest rate of 10.2%, compounded daily. F Flag question What is the total cost of the cheaper option? A. $2398.28 B. $2376.77 C. $2267.54 D. $2125 O a. A O b. B Oc. C Od. D