Problem 4-24 Calculating Rates of Return Suppose an Investment offers to double your money in 18 months (don't believe it). What rate of return per quarter are you being offered? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Quarterly rate of return % Mike Bayles has just arranged to purchase a $570,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has an APR of 6.3 percent, compounded monthly, and calls for equal monthly payments over the next 30 years. His first payment will be due one month from now. However, the mortgage has an elght-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Mike's balloon payment be in eight years? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment Compute the future value of $2,000 compounded annually for: a. 20 years at 7 percent. (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b.15 years at 8 percent (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. 25 years at 7 percent. (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Future value b. Future value c. Future value