PLEASE ANSWER ASAPPP

1. If the 12 percent interest rate quoted on Daves loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective annual rate of interest %

2. a. If Dave had borrowed $320 for one year at an APR of 8 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.) PMT $ b. What would have been the breakdown between interest and principal of the fifth payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.)

Interest	$
Principal	$

3. Bobby is trying to decide between two credit cards. One has no annual fee and an 21 percent interest rate, and the other has a $40 annual fee and an 8.2 percent interest rate. a. If Bobby pays his credit card balance in full each month, which card should he choose?

multiple choice 1

He should select the card without the annual fee.

He should most likely select the card with the lowest interest rate.

b. If Bobby just pays the minimum payment and carries a balance from one month to the next, which card should he choose? multiple choice 2

He should most likely select the card with the lowest interest rate.

He should select the card without the annual fee.