5. Given the following data, calculate the stated (Nominal) annual rate (APR) in each case Sated rate Frequency of Compounding Effective rate (Nominal APR) (EAR) ? Monthly 12% ? Quarterly 6% ? Daily (use 365 days) 15% 6. Big Bank Corp. wants to earn an effective interest rate of 9% (EAR) on its consumer loans. It uses monthly compounding on consumer loans. What should be the stated (Nominal) rate (APR) on these loans? 7. Calculate the future value of $1,000 in 10 years assuming an interest rate of 12% (APR) compounded quarterly Also calculate the effective annual rate (EAR) on the investment 8. Mr. Wise is retiring in 25 years. He would like to accumulate $1,000,000 for his retirement fund by then. He plans make equal monthly payments to achieve his goal. If the rate of return on the retirement fund is 12% (APR), what will his monthly payments be? 9. Mr. Wise makes payments (as per problem 8) for the first ten years and stops making payments afterwards due personal problems. How much would he have accumulated at the time of retirement assuming that the accumulated amount keeps on earning interest at the stated rate on a monthly basis? 9