12 Suppose that a local savings and loan association advertises a 20 percent annual rate of interest on regular accounts, compounded quarterly. What is the effective annual percentage rate of interest paid by the savings and loan? 21.939 percent 21.000 percent 21.551 percent 20.986 percent 22.104 percent d. a. b. e. . You are thinking about buying a house, and a local mortgage company is willing to lend you $270,000 to buy the property. Under the terms of the loan, it will be fully amortized over thirty years (360 monthly payments) and the nominal interest will be 9 percent. What would be the monthly payment on the loan? 13. $1,931.09 $2,093.95 d. $2,172.48 $2,289.71 $2,374.32 a. b. e