6) What is the present value of a five-period annuity of $3.000 if the interest rate per 6) period is 12% and the first payment is made today? A) $10,814.33 B) S12.112.05 C) $13,200.00 D) $9,655.65 7) The APR on a loan must be equal to the effective annual rate when: 7) A) the loan is for less than one year C) compounding occurs monthly. B) the loan is for more than one year D) compounding occurs annually