Question: This is a 5 part question, please answer the following... 1) Jessica borrows $1,200.00 from a credit card company at 25% annually for two years.Determine
This is a 5 part question, please answer the following...
1) Jessica borrows $1,200.00 from a credit card company at 25% annually for two years.Determine Jessica's monthly payment. Show your work.
2) Suppose a bank offers you a 4.99% interest rate on a 20-year mortgage to be paid back with monthly payments. Suppose the most you can afford to pay in monthly payments is $1500. How much of a mortgage could you afford?
A: $224,787.34
B: $227,478.34
C: $227,847.25
D: $228,743.72
3) Alex would like to purchase a new car for $20,000.How much will his monthly payments be if he took out a 3-year loan at 6.75% interest?
A: $615.26
B: $616.52
C: $625.16
D: $652.61
4) Mr. and Mrs. Thomas are buying a new house for $330,000. Compare the two loan offers by finding the monthly payments for each and calculating the total amount paid for each.
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