QUESTION 6 What is the present value of an ordinary annuity of $250 per month for the next 20 years, evaluated at an annual interest rate of 10%? 25,906 18,842 2,128 14,319 QUESTION 7 You are purchasing a house for $120,000 with a five-year loan. The loan requires you to make equal quarterly payments of $4,188.61 over the next five years and then pay off the loan with a balloon payment of $75,000. What is the nominal annual interest rate of this loan? O 7.15% 7.75% 7.00% 8.05% QUESTION 8 You are arranging the purchase of a new car. You are going to finance $16,000 of the total purchase price and will pay monthly payments for the next three years. Currently, the annual percentage rate on this loan is 8.30%. You decide to make payments of $600 per month. How many months will it take to completely pay off the loan? 25 months 33 months 30 months 28 months