Use future and present values of one dollar and annuities to solve the following problems

6. Find an effective rate that corresponds to a nominal rate of 8% compounded quarterly.

7. An annuity consists of equal payments at the end of each quarter for 5 years to be purchased for $10,000. If the interest rate is 8% compounded quarterly, how much is each payment?

8. You are getting a $100,000 loan from your bank at an annual percentage rate of 8% for 10 years. a. What would be your yearly payment? b. What is the total interest that you will be paying to the bank?

9. A car is purchased for $5,000 down with payments of $350 at the end of every 6 months for 5 years. If interest is 8% compounded semiannually, find the corresponding cash value of the car.

10. What amount is worth more? $2,000 today or $4,000 due in 6 years at 14% and why?