QUESTION 11 A couple borrows $200,000 for a mortgage that requires fixed monthly payments over 30 consecutive years. The first monthly payment is due in one month. If the interest rate on the mortgage is 3%, which of the following comes closest to the monthly payment? a $ 1,199 b. $ 955 c. $ 1,074 d. $1,331 e. $ 843 QUESTION 12 The parents of a newborn baby would like to put money away today to cover all of the child's expected total 4-years of college tuition. The first tuition payment is due exactly 18 years from today, and the next three payments are due at the end of years 19, 20 and 21. Suppose that the parents estimate that the cost of tuition will be $86,000 per year for the first three years, but that the fourth year's tuition will be $96,000. Which comes closest to the amount of money that needs to be set aside today if the interest rate is 3%? O a. $ 136,639 b. $ 154,633 O c. $ 198,781 d. $ 113,608 e. $ 164,649