PLEASE ANSWER ALL PARTS:

PART 1:

Bank of America quotes a rate of 11.9% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding.

What is the EAR for Bank of America?

PART 2:

Bank of America's quoted interest rate is 4.5% (APR with quarterly compounding).

What is the quarterly rate?

PART 3:

You're about to buy a new car for $10,000. The dealer offers you a one-year loan where you pay $894.11 every month for the next 12 months. Since you pay $894.11 * 12 = $10,729 in total, the dealer claims that the loan's annual interest rate is (10,729-10,000)/10,000 = 7.29%.

What is the actual effective annual rate?

PART 4:

Bank of America takes out a 30-year fixed-rate mortgage for $200,000 with an interest rate of 1.2% (APR).

What is the monthly payment?