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THE NEXT FOUR ( 4 ) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Jake is interested in buying a reptile shop and naming it Jake's

THE NEXT FOUR (4) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Jake is interested in buying a reptile shop and naming it Jake's Snakes. The asking price is $300,000. However, Jake has only managed to save $60,000. The rest of the funds will be provided by way of a $240,000 mortgage loan at an interest rate of 7.25% per annum, compounded weekly. The loan will be fully amortized over a 15-year period with monthly payments, rounded up to the next higher $100.
11. What will be the amount of Jake's payments?
(1) $2,400
(2) $2,300
(3) $2,200
(4) $2,100
12. How much interest will Jake pay during the second year?
(1) $17,321.24
(2) $16,439.87
(3) $14,649.10
(4) $15,621.48
13. What is the amount of Jake's final payment?
(1) $2,102.75
(2) $1,273.49
(3) $1,865.21
(4) $2,178.87
14. On the way to the bank, Jake got into a car accident and hit his head. He forgot that he was going to sign a $240,000 loan at 7.25% per annum, compounded weekly. The next day, Jake drove to a different bank and agreed to a $265,000 mortgage loan at a rate of 6% per annum, compounded monthly with a 20-year amortization, a 3-year term, and monthly payments rounded up to the next higher dollar. What will the outstanding balance be at the end of the three-year term?
(1) $228,970.29
(2) $242,421.08
(3) $249,372.87
(4) $234,357.24
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