Suppose your Aunt Harriet is nice enough to loan you $5000. Since you are her favorite niece, she only charges you a simple interest rate of 3% per year. How much interest will you be paying each month? O a) $152.08 O b) $12.50 O c) It depends on the length of the loan. 2. If a student got a loan at a yearly interest rate of 4.66% compounded quarterly, what is the effective annual rate (EAR)? Oa) 4.66% Ob) 4.74% O c) 4.82% 3. The Martins are excited about buying their first home. They need to borrow $180,000 to make the purchase. Their local credit union is giving them a 30-year mortgage, with equal monthly payments, and a great rate of 5.325%. How much is their monthly payment? Oa) $1002.34 b) $2461.62 O c) $1364.27 Remainig: 14:55:00 Start: 8:46 AM Save Submit