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If the annual percentage rate (APR) is 10% and the compounding period is daily, what is the effective annual rate (EAR)? Enter your answer as a percentage. Do not include the percentage sign in your answer. Do not round the decimal number after you have performed the division of the interest rate. Enter your response below (rounded to 2 decimal places). % You are planning to buy a house in 3 years. You would like to be able to make a down payment of $98,000. The stated interest rate is 6% (APR). If interest is compounded monthly, how much will you need to invest today to be able to make your down payment? Enter your response below rounded to two decimal places. Suppose a condo generates $16,000 in cash flows in the first year. If the cash flows grow at 1% per year, the interest rate is 7%, and the building will be torn down in 15 years (the building is worthless after 15 years), what is the most you would pay for the condo today? Enter your response below (rounded to 2 decimal places). Correct response: 154,456.3810 Suppose instead, the building will be sold at the end of 15 years for $60,000, Using $154,456.38 as the present value of the rental cash flows, what is the most you would be willing to pay for the condo today? Enter your response below (rounded to 2 decimal places). Section Attempt 1 of 1 Suppose you take a 7 year loan of $15,000 with an interest rate of 5% and annual payments starting at the end of year 1 . What are the annual loan payments? Enter your response below. Click "Verify" to proceed to the next part of the