You took out some student loans in college and now owe $10,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 6% (APR). Part 1 Attempt 1/10 for 10 pts. If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable. You took out a fixed-rate mortgage for $244,000. The mortgage has an annual interest rate of 8.4% (APR) and requires you to make a monthly payment of $1,948.34. Part 1 Attempt 1/10 for 10 pts. How many months will it take to pay off the mortgage? You took out a 30 -year fixed-rate mortgage to buy a house. The interest rate is 10.8% (APR) and you have to pay $1,160 per month. Part 1 (*) Attempt 1/10 for 10 pts. What is the original mortgage amount? You win the Publishers Clearing House Sweepstakes. You can choose between getting a lump sum of $6,800,162 now or getting $800,000 every year for 10 years, starting one year from now. If you take the money now and invest it, you'll expect to earn an annual return of 3%. Part 1 - E Attempt 2/10 for 9 pts. Which option should you take? To compare the two options, first find out what is the 10 yearly payments worth to you as of today