the bank, at an interest rate of 8% per year. 22) Dan buys a property for $210,000. He is offered a 30-year loan by the bank, at an What is the annual loan payment Dan must make? A) S18,653.76 B) $22,384.51 C) $26,115.26 D) $29,846.02 23) A businessman wants to buy a truck. The dealer offers to sell the truck for either $120,000 now, or six payments of $25,000. Which of the following is closest to the interest rate being offered by the dealer? A) 5.8% B) 6.8% C) 7.8% D) 9.8% 24) Faisal has $12,000 in his savings account and can save an additional $3600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? A) 4.3 years B) 6.3 years C) 5.3 years D) 7.3 years 25) A bank offers a loan that will requires you to pay 7% interest compounded monthly. Which of the followine is closest to the EAR charged by the bank? A) 5.78% B) 8.68% C) 7.23% D) 14.46% 26) Which of the following accounts has the highest EAR? A) one that pays 5.4% every six months B) one that pays 1.0% per month C) one that pays 9.6% per year D) one that pays 2.4% every three months 27) Consider the following investment alternatives: Investment APR 6.2200% 6.0583% 6.1277% 6.1204% Compounding Annual Daily Quarterly Monthly Which alternative offers you the highest effective rate of return? A) Investment A B) Investment B C) Investment C D) Investment D 28) A $50.000 new car loan is taken out with the terms 12% APR for 48 months. How much are monthly paymer on this loan? A) S1448.36 B) $1580.03 C) $1316.69 D) $1711.70