What are the monthly payments (principal and interest) on a 15-year home mortgage for an $240,000 loan when interest rates are fixed at 8 percent? $2,293.57 $2,245.88 $2,867.22 $2,259.37 QUESTION 13 Pace Co. borrowed $10,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360 -day year. How much interest would Pace have to pay in a 30 -day month? $57.40$47.13$60.42$73.10 QUESTION 14 You plan to borrow $47,400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2 ? $2,520.35 $2,835.40 $2,992.92 $3,150.44