5. If the nominal rate of interest is 3.2%, then what is the quarterly periodic rate of interest? . Show 2 decimals in the percentage! Don't enter the % sign. For Example answer: 9.99

Answer: 0.8

7. A perpetuity has a discount rate of 6.7% and a payment of $421.22. What is the present value of this perpetuity?

Answer: 6,286.87

8. You borrow $76,810 to be repaid in annual payments over 6 years. The nominal interest rate on the loan is 9.2%. Based on the above how much should the annual payment should be? (Show pennies!) e.g. 99.99

Answer: 17,224.7