Question: 12. You are considering purchasing a new home. You will need to borrow $200,000 to purchase the home. A mortgage company offers you a

12. You are considering purchasing a new home. You will need to

12. You are considering purchasing a new home. You will need to borrow $200,000 to purchase the home. A mortgage company offers you a 15-year fixed rate mortgage (180 months) at 0.55% per month. If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to 13. A $52,500 new car loan is taken out with the terms 9% APR for 60 months. How much are monthly payments on this loan? 14. A pottery factory purchases a continuous belt conveyor kiln for $72,000. A 6.0% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $746.43, how many years will it take for this loan to be paid?

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