Beta Bank has approved a mortgage loan of $340,000 at an APR of 8.30% compounded semi-annually. If the client makes the loan payments with a 15-year amortization period, how much does he/she pay every month? $3,542.15 $3,194.63 $3,280.70 $3,375.20 Which of the following statement is true: One of the reasons for the existence of time value of money is that individuals prefer future consumption to current consumption. A bank that pays 10% interest compounded annually pays a higher effective rate of interest than a bank that pays 10% interest compounded quarterly. Cash flows occurring in different time periods cannot be compared unless they are discounted to a common date. Given an investment of $10,000 to be invested for one year, it is better to invest in a scheme that pays 10% annual compound interest than to invest in a scheme that pays 10% simple interest