26) Dan buys a property for $410,000. He is offered a 20-year loan by the bank, at an interest rate of 7% per year.
What is the annual loan payment Dan must make?
A) $38,701.10
B) $41,759.41
C) $35,745.67
D) $21,778.75
27) Greg has $8,000 in his savings account and can save an additional $2,000 per year. If interest rates are 10%, how long will it take his savings to grow to $200,000?
A) 28.18 years
B) 30.52 years
C) 29.68 years
D) 31.35 years