mth 109 mod 3 critical thinking
Option #2 : Consumer Mathematics # 2
Solve the following equations
- Simple Interest
Roger borrowed $10,657.50 from his bank to build an attached garage and work space on his house. Rogerâ€™s simple interest loan had a rate of 13% and required him to pay $12,250 under the agreed terms. What was the duration of his loan?
- Annuity Earnings
Laura is saving money in an annuity and is earning 6% annual interest compounded monthly. If she deposits $200 in the account every month for five years, what will the future value of her account equal? How much interest will she have earned?
- Mortgage Finances
Michael and Tina purchased a summer getaway in northern Wisconsin. Tinaâ€™s father agreed to finance the purchase with a 2% annual rate, 30-year mortgage. This resulted in a mortgage payment of $772.50/month. Calculate the amount of money the couple borrowed and the amount of interest they will pay over the life of the loan.
- Show all your work so that the instructor clearly sees how you solved the problem.
- Make sure your final answer is clear and visible.
This assignment must be wtitten in APA format.
PLEASE CHECK YOUR MATH TO MAKE SURE THAT ALL ANSWERS ARE CORRECT.