Question 7 3 pts Compare the following two loans. Loan 1: $175,000; 8% annual (monthly payments); 30 years. Loan 2: $175,000; 7% annual (monthly payments); 15 years. If you pay an additional $250 per month in additional principle on Loan 1 only, which loan pays off sooner? O They have the same exact payoff date Not enough information to figure this out O Loan 2 pays off sooner O Loan 1 pays off sooner Question 8 3 pts Loan of $175,000, 8% interest (annual), monthly payments, 360 periods (months): How many periods to pay off this loan, if you pay an extra 350 per month in extra principle? O 301 0219 O 239 0 0 O 189 Question 9 3 pts You want to retire on the equivalent of $50,000 per year in today's money. Inflation is expected to be 3%. You will retire in 30 years. You will earn 10% annually on your investments from not till retirement and you will earn 8% during retirement (which is expected to last 20 years). How much do you need to save per month in order fund this retirement? O 634.00 per month 0 952.00 per month 527.00 per month O 1,118.00 per month Question 10 3 pts You want to retire in 30 years and be able to withdraw the equivalent of $90,000 per year (in today's dollars) from a retirement fund. Assume 3% inflation. You plan to be retired for 20 years. Assuming you can earn 12% on your investments before retirement and 7% on your investments during retirement, how much will you need to save per month in order to be able to fund this retirement? O 811.00 O 751.00 O 662.00 O 838.00