1) Miranda is buying a house and will need to borrow $150,000 after she makes her down payment. She can choose a 25 year mortgage or a 30 year mortgage at an interest rate of 3% compounded annually. How much more will the 30 year mortgage cost than the 25 year mortgage? a) $22,500.00 b) $50,022.68 c) $134,970.00 d) $173,891.11 2) If Jack took a year to fully pay off his credit card balance, how much would the $180 shoes cost him at an annual compound interest rate of 18%? a) $212.40 b) $32.40 c) $183.24 d) $3.24 3) Morgan can purchase a new car through the dealer at 2.1% annual compound interest over 7 years or through the bank at 3.5% annual compound interest over 7 years. How much would she save with the 2.1% interest rate on a $17,000 car loan? a) $1,666.00 b) $1,737.63 c) $1,966.68 d) $2,162.87 4) Morgan’s bank could give her a 2.1% annual compound interest rate if she pays off the loan in 3 years. How much would she save by paying off the $17,000 loan in 3 years instead of 7 years? a) $1,568.42 b) $1,809.36 c) $1,966.21 d) $2,499.00

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