A well-known financial writer argues that he can earn an extremely high return buying wine by the case. Specifically, he assumes that he will consume one $8 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $8 per week or buy a case of 12 bottles today. If he buys the case, he receives a discount of 5 percent. Assume he buys the wine and consumes the first bottle today. What is the EAR of purchasing wine by the case with this discount? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) EAR 1% Mike Bayles has just arranged to purchase a $570,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has an APR of 6.3 percent, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an elght-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Mike's balloon payment be in eight years? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment