You owe $22,000 on student loans at an interest rate of 4.75% compounded monthly. You want to pay off the loan in 14 years.

What will your monthly payments be?

How much interest do you pay?

You want to buy a $133,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.8% interest for the rest.

a) How much is the loan amount going to be?

b) What will your monthly payments be?

c) How much of the first payment is interest?

You want to buy a $193,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.35% interest for the rest.

a) How much is the loan amount going to be?

b) What will your monthly payments be?

c) How much total interest do you pay?

d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be?

e) How much money in interest will you save if you finance for 15 years instead of 30 years?

You want to buy a $190,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 5.1% interest for the rest. The bank will charge 3.5 points on the amount financed.

a) What is the amount of the down payment?

b) How much is the loan amount going to be?

c) What will be the amount charged for 3.5 points?

d) Find the amount of the monthly payment.

You have $3,500 on a credit card that charges a 12% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

You decide to quit using your credit card and want to pay off the balance of $4,800 in 2 years. Your interest rate is 17.2% compounded monthly.

What will your monthly payments be?

How much interest do you pay?