Question $3(16$ marks$)$ a$)$ You purchased an expensive sports car for N$$99980$ exactly $6$ months ago. It was financed through the bank at a quoted or nominal interest rate of $12\%$ per annum, over $60$ months, with payments being monthly in arrears. What is the balance you owe to the bank today $($having just paid your sixth installment of N$$2224)?(4$ marks$)$ b$)$ Nancy has an equity investment in Ace Manufacturing Ltd$.$ The company recently paid a dividend. The company$$s latest earnings per share was $225$ cents and the dividend yield quoted in the press yesterday was $4\%.$ In terms of the company$$s dividend policy, dividend cover $($i$.$e$.$ EPS$/$DPS$)$ is maintained at $3$ times. Calculate Ace manufacturing$$s price$/$earnings ratio as per the newspaper. $(4$ marks$)$ c$)$ An investment in a government bond with a face value of N$$1000$ earns interest on the face value at $10\%$ per annum. Interest is payable every six months. The bond will be redeemed in exactly $9$ years time. The yield to maturity is $8\%$ per annum. What is the current market value of the bond? $4$ marks d$)$ Elzo Ltd just declared an ordinary dividend of N$$2\mathrm{.}00$ per share. Dividend growth is expected to be $8\%$ per annum in the future. The required rate of return on Elzo$$s shares is $15\%.$ What is the current value of an Elzo share? $(4$ marks$)$