QUESTION 5 1. Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went to his bank and found out he could get a personal line of credit that he could then use to pay off his credit card. The line of credit has an interest rate of 9.75% compounded monthly . Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now? What will be the total interest paid?

1 points QUESTION 6 1. Hak Young realizes that payment amount, even though reduced, is just not manageable based on how much he currently makes and all of the other expenses he also has to budget for. As a result he decides paying off his debt in 10 years is simply more realistic What would Hak Youngs monthly loan payments be with this new timeline? What will be the total interest paid?

1 points QUESTION 7 1. While she was travelling, Zainab took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasnt accepted in the country she was in. According to her travel budget she withdrew $175 every day for food, activities and shopping for 21 days. When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasnt past due. It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn If the interest rate on cash withdrawals is 28%, what was her total bill when she got home? What would be the total interest paid?

1 points QUESTION 8 1. Aya and Sakura would like to buy a house and their dream home costs $500,000. Their goal is then to save $50,000 for a down payment and then would take out a mortgage loan for the rest. They plan to put their monthly saved amount in a conservative mutual fund that has a track record of a 5.2% rate of return. To be sure they dont go spending this money on other things, they are going to move it into their investment account at the beginning of each month. Their hope is to be able to buy this home in 7 years. What would their monthly savings amount have to be to reach this goal? What will be the total interest earned be?

1 points