You wish to purchase a $300,000 home. Putting 20% down, you will borrow $240,000 at 6.0%, with monthly payments for 30 years. How much will each payment be? How much interest will be paid over the life of the loan? What if you decide to go with a 15 year mortgage. What will be your monthly payment and how much interest will you pay over the 15 years? You ran a little short on your spring vacation, so you put a $1,500 on your credit card. You can only afford to make the minimum payment of $40 per month. The interest rate on the card is 2.0% per month. How long will it take you to pay off the $1,500? How much total interest will you pay?