Question: 10a. (2 marks) b) Option 2 5% down payment . Monthly payments of $275 for 2 years. How much would the customer pay if they

10a. (2 marks) b) Option 2 5% down payment . Monthly payments of $275 for 2 years. How much would the customer pay if they chose this option? Page 4 of 8 10b. (2 marks) 11. Calculate the daily and annual rate on interest charged on a payday loan of $400 if the interest charged was $35 when it was paid back 6 days later.12. Use the following personal loan payment calculator to determine the monthly payments and the total cost of borrowing $18000 at rate of 3% for 4 years. PERSONAL LOAN PAYMENT CALCULATOR Monthly payment per $1000 borrowed. Interest Rate Term in Years 1 2 3 5 3.00 84.69 42.98 29.08 22.13 17.97 12. (3 marks) Page 5 of 8 13. Use the Monthly Mortgage Payment Calculator to determine the difference between the monthly payments and the total cost of payments made on a $325000 mortgage at a rate of 5.5% for twenty years to the same mortgage taken out over 30 years. INTEREST MONTHLY PAYMENT RATE PER THOUSAND DOLLARS 15 years 20 years 30 years 4.25% $7.53 $6.21 $4.93 4.5% 7.65 6.34 5.08 4.75% 7.78 6.48 5.22 5.0% 7.91 6.60 5.37 5.25% 8.04 6.74 5.53 5.5% 8.18 6.89 5.69 5.75% 8.31 7.03 5.84 6.0% 8.44 7.17 6.00 6.25% 8.58 7.32 6.16 6.5% 8.72 7.46 6.33 6.75% 8.85 7.61 6.49 7.0% 8.99 7.75 6.65 7.25% 9.13 7.90 6.82 7.5% 9.27 8.06 6.99

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