You borrow $180,000 to buy a house. The mortgage rate is 5 percent and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?

$142,582

$167,860

$174,320

$180,000

$182,442

When you retire 50 years from now, you want to have $2,000,000 million. You think you can earn an average of 8 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum 2 years from today. How much more will you have to deposit as a lump sum if you wait for 2 years before making the deposit?

Group of answer choices

$3,280

$4,107

$5,289

$6,188

$7,096

What is the present value of the following set of end of the year cash flows: Year 1: $450; Year 2: $600; and then an eight year annuity of $400 per year if the discount rate is 9%?

$2,214

$2,462

$2,781

$3,112

$3,244