You borrow $55,000 to pay for home improvement work. The terms of the loan call for five equal annual payments at an interest rate of 8 percent per year. What percentage of your second year's payment goes toward interest? 26.50 percent 38.21 percent 19.50 percent 72.50 percent You borrow $470,000 to buy a home. The mortgage is a thirty-year loan with 4.50 percent interest rate and monthly payments. If you live in the house for thirty years and make all your payments on time, how much total interest amount would you have paid? $387,311 $432,695 $287,472 $209,753 You are celebrating your 28th birthday today. You have decided to set up a retirement account and start depositing an equal amount of money into the account each month beginning one month from today. How much will be in the account on your 60" birthday, if your monthly investment is $840? Assume your investments will return 11 percent per year throughout the investment period. $2,954,998 $1,274,091 $2,433,819 $3,127,416