John's Auto Repair just took out a $52,000, 10-year, 8 percent, interest-only loan from the bank.

This morning, you borrowed $9,500 at 8.9 percent annual interest. You are to repay the loan principal plus all of the loan interest in one lump sum four years from today. How much will you have to repay?    A.  $13,360.88 B.  $13,808.13 C.  $13,911.89 D.  $14,006.08 E.  $14,441.20

102.

On this date last year, you borrowed $3,400. You have to repay the loan principal plus all of the interest six years from today. The payment that is required at that time is $6,000. What is the interest rate on this loan?    A.  8.01 percent B.  8.45 percent C.  8.78 percent D.  9.47 percent E.  9.93 percent

103.	John's Auto Repair just took out a $52,000, 10-year, 8 percent, interest-only loan from the bank. Payments are made annually. What is the amount of the loan payment in year 10?    A.  $7,120 B.  $8,850 C.  $13,264 D.  $49,000 E.  $56,160 Payment in year 10 = $52,000 + ($52,000 × 0.08) = $56,160

104.

On the day you entered college, you borrowed $18,000 on an interest-only, four-year loan at 5.25 percent from your local bank. Payments are to be paid annually. What is the amount of your loan payment in year 2?    A.  $945 B.  $1,890 C.  $3,600 D.  $5,106 E.  $6,250 Payment in year 2 = $18,000 × 0.0525 = $945