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5. You want to start a new business in 7 years. You currently have $15,000...

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5. You want to start a new business in 7 years. You currently have $15,000 saved and think you can save $400 every month for the next 2 years. You then think you can save $800 a month for the last 5 years. You are earning 8.5% on your money. How much money will you have for your business in 7 years? 6. You are buying a new house on a 30-year, 6.2% mortgage loan of $230,000. A. How much will your monthly payments be? B. How much will go toward principal in the 55 month? How much will go toward interest in the 55 month? What will be the balance after 55 months? C. How much interest will you pay in total over the 30 years? D. If you do a 15-year loan instead of a 30-year one, how much will you save in total interest

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