You just obtained a car loan for $1,000 with an APR of 11% that has annual payments of $270.57 for the next 5 years (maturity of the loan). What is the reduction to the loan in year 1? 1) $157.41 2) $839.43 3) $120.00 04) $836.20 $ 5) $110.00 6) $163.80 7) $842.59 $100.00 $160.57 You just bought a car on credit for $22,000 and the terms of the loan are: 2-year car loan for with bi-monthly (end of every 2 month) payments of $2,080.31 What is the Effective Annual Rate (EAR) of this loan? 1) 24% O2) 12.62% 3) 2% 4) 12% no (Estimated time allowance: 9 minutes) What investment per month does Tony need to make at the end of each month into his savings account over 2 years to reach his vacation goal of $30,000 if he is getting a 24% APR on his account? For TVM excel file, click here If instead the PV tables are preferred, click here. 1) $1,586.13 2) $13,392.86 3) $986.13 4) $985.81 5) none of the above