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Ms. Davidson would like to purchase a new condo for $105,000. She plans to make a down payment of $50,000 and to borrow the rest of the money from the bank. The bank charges an annual percentage rate of 4% compounded daily. She agrees to monthly payments to pay off the loan in 10 years. a. What is the effective monthly interest rate? ( 5 points) b. What is the monthly payment? (5 points) c. Assume Ms. Davidson has made 14 payments and would like to pay off the balance immediately after the 14th payment. Using the appropriate equation, what would be the payoff balance? ( 5 points)