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{\large \bf Math 1030 Quiz \#2} (July $8^{\mathrm{th}},$ 2016)

\begin{enumerate}
   \item Cindy and Steve just bought a \$250,000 house. They paid 20\% down and got a 30 year mortgage with a 3.25\% (compounded monthly) interest rate. Find their monthly payment.

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    \item Sven invests \$25,000 each quarter into an investment earning 9\% compounded quarterly. How much will he have saved at the end of 7 years?
     
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    \item Brittany has a \$488.26 monthly car payment on her \$20,000 car loan. If she is being charged 8\% compounded monthly, how long will it take her to pay off her vehicle?
     
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