Which of the following statements is correct? Other things equal, as I (the interest rate) increases, the present value increases Other things equal, an ordinary annuity will have a higher present value than an annuity due. Other things equal, as compounding frequency increases the future value decreases o other things equal, as N (the number of periods) increases, the present value increases o Other things equal, an annuity due will have a higher present value than an ordinary annuity If you borrow $30,000 from a local finance company and you are required to pay $703 per month for 4 years, what is the annual interest rate on the loan? 9.79 6.5% O 5.9% 7.9% O 81%