3. You need to borrow $33.000 to buy a truck. The current loan rate is S9 compounded monthly and want to pay the loan off in equal monthly payments over s years. What is the size of you your monthly payment? a. $443.59 lb. $621.24 c. $636.45 d, $7,601.11, e. $7,812.78 4. What is the effective annual rate of 8% compounded daily? a. 7.70% lb. 8.00% c, 8.16% d, 8.24% e, 8.33% 5. At the end of each year for the next 10 years you will receive cash flows ofssoo. If the appropriate discount rate is s 5%, how much would you pay for this annuity? a. $3,768.81 b. $3,956.36 c, $5,000.00 d. $6,144.10 e, $6,437.68 6. The interest rate charged per period multiplied by the number of periods per year is called the: a. Effective annual rate (EAR). b. Annual percentage rate (APR). c, Periodic interest rate. d, Compound interest rate e, Daily interest rate. 7. You need to borrow $800 for one year. You have 2 choices: Loan A which charges 9% compounded annually, or Loan B which charges 8.70% compounded monthly. which would you choose and why? a. A because it has a higher effective annual rate. b. A because it has a lower effective annual rate. c, B because it has a higher effective annual rate. d. B because it has a lower effective annual rate. e. A because it has the higher quoted rate