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QUESTION 1 The monthly mortgage payment on your house is $1.250. It is a 30-year mortgage with an interest rate of 0.35% per month (4.20% APR compounded monthly). How much did you borrow (closest answer)? O $166,792 $250,187 $255,615 O $314,207 QUESTION 2 You are interested in purchasing a new automobile that costs $38,000. The dealership offers you a special financing rate of 0.25% per month (3% APR compounded monthly) for 48 months. Assuming that you do not make a down payment on the auto and you take the dealer's financing deal, then your monthly car payments would be closest to: 1,503.96 5841.10 $32.81 O $147.70 QUESTION 23 You plan on retiring in 35 years from now. If the return you can eam on your retirement savings is 6% per year, how much must you save at the end of each year until retirement years thrut 35) in order to accumulate 52 million by the time of your retirement (-35) O $17.947.72 59,27167 O $11,606,53 O $14,467.92 QUESTION 24 Your grandfather placed 56,000 in a fund for you today. In 15 years, the fund will be worth $12,000. What is the rate of retum per year on the trust fund? 5.44% O 5.24% 4X2 04.73% QUESTION 25 Your home mortgage loan has an initial balance of $500,000. The loan is to be paid off in exactly 30 years, with monthly payments of $2.750. What is the interest rate sul percentage rate, APR) on this lant Hunt: Fint, solve for the loan's monthly interest rate. Then, multiply this monthly interest rate by 12 to find the APR 439 5.76 5.21% 3.294

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