Read the problems carefully. Show the formula and make sure that the final answer is clearly marked. 15. You purchase a $5000 savings bond that will pay you 5% annual simple interest. How much would it be worth in 20 months. (4 points) 16. Calculate the total amount of a loan if you borrow 10,000 at 45 compounded monthly for 3 years. (4 points) 17. A credit card bill shows a balance due of $2500 with a monthly interest rate of 1.53% What is the APA? (Apoints) 18. Joe was hosting a Super Bowl party and used his credit card to purchase a new large screen TV which cost $1700. Over the next 4 years he made monthly payments of $44. (6 points total a) What was the total amount of the payments? [The cost of the TV plus interest) b) What was the total amount of interest that he paid? c) Was it wise for Joe to use his credit card to purchase the TV? Why or Why not? 19. Suppose you get a 30-year mortgage for $200,000 at 4.5%. a) What is your monthly payment? (6 points) b) After 10 years you need to fix your root. How much equity do you have in the home? (6 points) Bonus: You spent $2000 on your credit card last year. There is an annual fee of $73. The cash reward is 1.5% of your purchases. What is the net amount that you earned in rewards? (4 points)