5. An Ontario resident earned $3,500 in dividends in 2019. His regular income was $125,000 and the Ontario dividend tax credit is 6.7%. Calculate tax rate on dividends. A) 21.01% B) 25.65% 31.00% 43.36% None of the above Federal Tax Rates Ontario Tax Rates Taxable income Tax Rate Taxable Income Tax Rate 16.0% $0-37,178 37,179 -74,357 7.05% SO-35,488 35,489 - 70,976 24.0% 9.85 74,358 - 120,887 28.0% 70,977 and over 12.36 120,888 and over I 31.0% 6- (2 points) XYZ Used Cars will sell you a 2007 Ford Escape for $4,320 with no money down. You agree to make weekly payments of $57 for two years, beginning one week after you buy the car. What is the EAR of this loan? A) 33.25% B) 37.42% C 39.30% D) 40.94% E) 41.40% 7- John wants to borrow $4,000 and has received the following offers from his local banks. Which offer would be least beneficial to John if he wants to repay the loan in one single payment two years from now? A) Bank A, which offers a simple rate of 4%. B) Bank B, which offers a simple rate of 5%. C) Bank C, which offers a rate of 4% compounded annually. D) Bank D, which offers a rate of 5% compounded annually. E) Bank E, which offers a rate of 5% compounded monthly