You will have a $350000 mortgage for 30 years

  1. You will have a $350000 mortgage for 30 years at the rate of 2.39%.  What will your monthly payment be?


  1. You decide to do some remodeling in the kitchen.  Your parents agree to lend you the money, but you insist on paying them interest. The agreement is that they will lend you $8000.00 at a simple interest rate of 2% per year.  Once the interest amounts to $480, you agree to pay them back the $8000 plus the $480 interest.  How many months will it take you to pay back this loan if the interest amounts to $480.00?


  1. Suppose that $8000.00 was invested in a savings account that paid 2.5% interest compounded quarterly.  How much interest would be earned after 3 years?
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