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1. You purchase a condo in New Albany, Ohio for $250,000, make a down payment of $20,000, and finance the balance over 20 years with monthly payments and APR of 6.65% (compounded monthly), how much interest will you pay over the life of the loan assuming that you make all payments on time and do not pay the loan off early?

2. Skip Towne goes into Frank's Friendly Furniture Sales and purchases a living room set and bedroom suite for $1,950 total. Skip has to make payments of $100 per month for 36 months. What EAR is Skip paying to buy his furniture?

3. Maya Contusion has just charged a total of $2,500 for medical supplies relating to orthopedic injuries sustained while skateboarding. She has a Bank Seven Premium Charge account that has an APR of 15% APR, compounded monthly. The kindly Bank Seven representative has told Maya that she only needs to pay $40 per month until the account is paid off. If Maya makes her $40 payment on time each month, and makes no other charges, how many months will it take Maya to pay off the account?

Reference no: EM131226857

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