6. How much interest will be paid in the 7th month if you borrow $20,000 at a rate of 6%, compounded monthly, and pay it off over 6 years with monthly payments?
A. $331.46
B. $237.30
C. $89.04
D. $92.97
7. Janice will need to pay $200 at the end of every month for the next 12 months, except for the payment of the 5th month. What is the present value, assuming a rate of 4%, compounded semi-annually?
A. $2,160.06
B. $2,254.09
C. $2,152.48
D. $2,348.97
