This morning, you took out a loan of $546,000 to purchase a home. The interest rate on the 30-year mortgage is 3.25 percent and you will make monthly payment. You have decided to make additional monthly payment of $780 beginning with the first payment that will occur one month from today. By how many years will you shorten the length of time it will take you to pay off the loan? O 10.5 years 14.4 years 11.9 years 13.8 years You have a balance of $27,800 on your current credit card. The interest rate charged by this credit card is 16.8 percent compounded monthly. You plan to make monthly payment of $500. You just got an offer from another credit card to transfer your entire balance to the new card. The new credit card charges interest rate of 4.8 percent compounded monthly. By how many years will you shorten the length of time it will take you to pay off your balance if you transfer your balance to the new credit card and maintain the same planned monthly payment of $500? 6.2 years 3.8 years 2.7 years o 7.7 years 4.9 years You have a balance of $27,800 on your current credit card. The interest rate charged by this credit card is 16.8 percent compounded monthly. You plan to make monthly payment of $500. You just got an offer from another credit card to transfer your entire balance to the new card. The new credit card charges interest rate of 4.8 percent compounded monthly. By how many years will you shorten the length of time it will take you to pay off your balance if you transfer your balance to the new credit card and maintain the same planned monthly payment of $500? 6.2 years 3.8 years 2.7 years o 7.7 years 4.9 years