$$240,000$ is borrowed at $7\mathrm{.}25\%.$ Compare the monthly payment and total interest to pay off the mortgage for a $25-$

year amortization and a $30-$year amortization. $(5$ marks$)$

You need a $$230,000$ mortgage and have a great credit rating. The posted interest rate for the term you want is

$7\mathrm{.}95\%.$ If you amortize this mortgage over $25$ years, and negotiate the rate down to $7\mathrm{.}1\%,$ compare the monthly

payments and the total interest with each interest rate. $(5$ marks$)$

$20.$

a$.$ Search the internet and find the current minimum wage. $(1$ mark$)$

b$.$ If you were to work $40$ hours a week at the current minimum wage, what is your gross pay for the week? $(1$ mark$)$

c$.$ Search the internet to find what your tax deduction would be for this gross pay. $(1$ mark$)$

d$.$ Determine your weekly net income. $(2$ marks$)$