74. Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $220.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan?

Group of answer choices

9.09%

7.00%

7.73%

6.91%

10.10%

72. Riverside Bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it will charge an annual rate of 7.6%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside?

Group of answer choices

0.87%

0.77%

0.90%

0.94%

1.01%

71. Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 23.75%, with interest paid monthly, what is the card's EFF%?

Group of answer choices

26.51%

29.96%

31.55%

25.72%

21.21%