You are buying a condo in Toronto for $1.55 million and you are paying $675,000 down in cash. Today, you are financing the balance with a 25 year loan with monthly payments. If the annual percentage rate is 7.32 percent, what is the approximate amount of each loan payment? $5,280 $5,834 $6,205 (D) $6,299 You are borrowing some money from your friend, Ida Watch-It. The loan interest is compounded monthly. What annual percentage rate will she be charging you if she wants to earn an effective rate of 28% ? 20.47 22.73 24.94 (D) 31.89