A loan has an APR of 11% but is compounded quarterly. The loan's effective annual rate (EAR) is 11.46% (rounded to two decimal places). True or False? True False You would like to have $1,000,000 when you retire in 43 years. If you can earn 10% per year on your investments, you need to invest $1,688.05 (rounded to two decimal places) per year to reach your goal. True or False? True False You would like to buy a house that costs $250,000. You plan to make a 10% down payment. The interest rate on the loan is 5.70% and the term of the loan is 25 years. a. What is your monthly payment? b. How much interest will you pay over the life of the loan? Show your work