# Roger borrowed money to finance a new boat. The bank offered Jack \$28,000 of the \$35,000. To make up the difference, Jack secured a small

Roger borrowed money to finance a new boat. The bank offered Jack \$28,000 of the \$35,000.  To make up the difference, Jack secured a small personal, simple interest loan. Jack’s loan was structured as an installment loan that required him to pay \$297.50/month for 30 months. Calculate the amount financed, total installment price, the finance charge, and the interest rate. James is saving money to open a corner store. He needs \$15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that James make monthly investments, what annuity payment must James make to save \$15,000? Peter and Rachael purchased a home costing \$269,000. A mortgage company financed the home at a 5.5% rate and 30-year term, requiring that they make a 15% down payment. Calculate the down payment and monthly mortgage payment that Peter and Rachael must pay. Requirements: