15.Baxter Bolts purchased a new machine for $98,000. BaxterBolts acquired a loan at their bank for the full amount of thepurchase price at the rate of 6.90%(APR). Baxter Bolts ismakingmonthly payments on the loanthat has a seven year term. BaxterBolts has made each of the first 36 monthly payments at the end ofthe period and it is the beginning of the fourth year of thesevenyear term. How much interest will Baxter Bolts pay in the firstmonth of the fourth year of the loan?

A.$354.70

B.$359.81

C,$395.62

D.$371.08

E.$362.44

16.Corapurchases a house for $150,000 by getting a mortgage for$135,000 and paying a $15,000 down payment. Assume she gets a15-year mortgage with a 6.00%interest rateand she makes a monthlypayment. If the house appreciates at a 2.00%rate per year, whatwill be the value of the house in 7 years? If equity is the valueof the house minus how much is owedon the house, then how muchequity does Corahaveat the end of seven years?

A.$185,612; $79,663

B.$185,612; $81,039

C.$172,303; $65,102

D.$172,303; $79,663

E.$172,303; $85,615

19.Marilynborrowed $84,500 in student loans and she has justgraduated. She earns enough at her newjob toallow her to pay $500per monthon the loan. Ifthe annual rate on the student loan is4.72% (compounded monthly), how long will it take herto pay off herstudent loans? (Hint: Use the “NPER” function in Excel)

A.more than 25years

B.more than 24 years, 3months, but less than 25 years

C.more than 23 years, 6months, but less than 24 years, 3months

D.morethan 22 years, 9months, but less than 23 years, 6months

E.less than 22 years, 9 months