Exam 4: Managing Money

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Solve the problem. -You need a $140,204 loan. Compute the monthly payment for each of the loan options listed below. Assume that the loans are fixed rate. Option 1: a 30 year-loan at an APR of 7.15%7.15 \% Option 2: a 15-year loan at 6.75%6.75 \%

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Solve the problem. -You have money in an account at an APR of 5% compounded annually. To the nearest year, how long will it take for your money to triple?

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