One hundred $1,000 bonds having a bond rate of 16% per year payable quarterly are purchased for $98,000, kept for 5 years, and sold for $95,000. Determine the "effective" annual yield rate on the bond investment. A. 12.50% B. 14.35% C. 16.90% D. 18.25% A $200,000 bond having a bond rate of 8% payable annually is purchased for $190, 500 and kept for 6 years, at which time it is sold. How much should it sell for in order to yield a 7% effective annual return on the investment? A. $ 168,000 B. $171,000 C. $174,000 D. $177,000 Upon graduation you decide to purchase a new car for $52,000 at a 3% per year compounded monthly rate for 6 years. You plan on paying the loan back with 72 equal monthly payments. How much are the monthly payments? A. $2, 234 B. $1, 157 C. $1,005 D. $ 790 Using the information from Question #5, what is the remaining balance after the 24^th payment? A. $39, 800 B. $37, 900 C. $36, 600 D. $35, 680