Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $80,000 at age 65, the firm will pay the retiring professor $600 a month until death. a. If the professor's remaining life expectancy is 20 years, what is the monthly rate on this annuity? (Round your answer to 4 decimal places.) The monthly rate on the annuity 0.548 % What is the effective annual rate? (Round your answer to 3 decimal places.) The effective annual rate 6.78% What is the APR? (Round your answer to 4 decimal places.) APR .0050 % % b. If the monthly interest rate is 5%, what monthly annuity payment can the firm offer to the retiring professor? (Round your answer to the nearest cent.) PMT $ 573.14 You take out a $175,000 Canadian mortgage with a 25-year amortization period, a 5-year term, and a 6% posted mortgage interest rate. Assume 6-month compounding period. What is your monthly mortgage payment? (Round your answer to the nearest cent.) PMT $ 1,127.53 When the mortgage expires in 5 years, what is the unpaid balance? (Round your answer to the nearest dollar.) Loan balance in 5 years $ 172, 179.80