Question 3 of 17 Atul makes a monthly payment of $1,093.42 on a mortgage balance of $208,075.27. The annual interest ate is 3.21%. What is the remaining balance after the current payment? Select an answer: $206,425.25 $207,518.67 $207,538.45 $206,981.85 Skip Previous Question 4 of 17 How much interest is paid in the second month for an initial investment of $1,000 that earns 18% compounded monthly? Select an answer: $14.77 $15.23 $15.00 $15.45 Question 5 of 17 Which Excel function should you use to easily calculate the amount of money you will have in a savings account after 30 years of monthly deposits? Select an answer: PMT PV FV VBD Question 6 of 17 You take out a thirty-year mortgage for $275,000 at 2.72% compounded monthly. What is the total interest you will pay? Select an answer: $173,201 $127,588 $34,480 $57,422 What is the term used for a series of payments over time? Select an answer: deferred payment annual contribution annuity sum You expect your retirement account to return about 7% compounded monthly on the $500 per month that you invest. How many years are required to accumulate $1,000,000? Select an answer: 25 years 37 years 50 years 30 years Question 9 of 17 An investment account has grown by about a factor of 4 over 12 years, without any deposits or withdrawals. What has been the effective interest rate, according to the rule of 72? Select an answer: 12% 10% 14% 16%