Question 6 Will and Grace are looking to buy a home. They have been approved for a 20 year mortgage loan with an interest rate of 6%. How much can they borrow if they can make repayments of $3,000 per month? What is the effective annual rate on a credit that advertises 2% monthly interest? Murray wants to set savings aside for a new Tesla he has ordered and is due to be received in 3 years. He needs to pay $80,000 on delivery. If his savings account pays 2.8% compounded quarterly, how much will he have to invest today to reach his target