1. Suppose you want to buy a house that costs $140,000. You are required to put 10% down, which means the amount to be borrowed is 90% of the price of the house. If you want a 30 year mortgage, and the borrowing rate is 5.7% APR, what would be your monthly payment? (Answer to the nearest penny)
2. Suppose you want to buy a car that costs $15,000. If the dealer is offering 100% financing at 6.5% APR for a 5 year loan, what would be the monthly payment? (Answer to the nearest penny)
3. Suppose you have accumulated $21,000 in credit card debt. If the interest rate on the credit card is 24.2% APR compounded monthly, how many years will it take you to pay off this debt if you pay $500 per month? (Answer to the nearest tenth of a year)