(10 of 20) You are purchasing a commercial property for $350,000. The bank has offered to finance the purchase in exchange for monthly payments of $2.713.55 over 20 years the first payment is due one month after taking out the loon). What is the monthly effective rote on the loan? What is the quoted APR LOI and LO2 o The monthly effective role is 0,58337, the APR is 7% The monthly ettective rate is 12%, the APR is 0.5833% The monthly effective rate is 10%, the APR is 0.833% The monthly effective rate is 0.8333%, the APR is 10% You would like to give your alma mater $1,000,000 as gift to establish a scholarship in your name. If the university expects to earn 6% APR on its investments and plans to invest your gift for one month before paying out the interest from the investment as a scholarship every month forever, what is the expected size of the monthly scholarship 102 $6,666.67 $5,000.00 $6,603.77 $1,645.91 (12 of 20) You would like to purchase a new vehicle for your business. You plan to finance the purchase through your bank. Looking at your budget, you believe you can afford a loan payment of $600 per month. Your bank is offering financing at 7% APR over four years with monthly payments. What is the maximum you can borrow to purchase the vehicle and stay within your budget Assume the first payment will be due one month after taking out the loan. LO2 $25.056.12 $71.428.57 $42.857.14 O $60,000.00