QUESTION 3 Which of the following statements is CORRECT? that has a nominal rate of 6% with semiannual payments will have an effective rate that is smaller than 6%. loan or investment has anmual payments, then the effective, periodic, and nominal rates of interest will all be different. 0 a An investment annuity due will exceed the p a 3-year. $150 ordinary annuity OC The present value of a 3-year: $150 @ d If a loan has a nominal anual rate of 8%, then the effective rate can never be greater than 8%. O e The proportion of the payment that goes toward interest on a fully amortized loan increases over time. QUESTION 4 How much money will you have in 15 years if you invest S 1000 n a sa ngs account that earns an annua, interest rate of 6% compounded month y? $23,965 58 $10,776 83 $4,074 82 None of the above $24,540 94