You borrow $350,000 to buy a home using a 15-year mortgage with an interest rate of 2.75 percent and monthly payment. What will be the total interest paid during the life of the loan assuming you do not refinance your loan? O $137,820 $77,532 $98,457 $344,808 $195,294 You just spent $7,600,000 to purchase an insurance policy that will pay your descendants $500,000 per year indefinitely. Calculate the interest rate you are earning on this investment you just made. 5.76 percent 6.58 percent 3.80 percent 11.2 percent 15.2 percent Your family is planning to go on a global cruise that will take you to 43 major cities around the world. The cruise will cost your family $77,500 and will be taken 9 years from today. Your family plans to fund this cruise by making monthly contributions to an account that pays 8.40 percent, with the first contribution to be made one month from today. How much will your family have to contribute each month to meet your goal? $598.18 $613.37 $1,260.09 $821.96 $482.59