You receive payments at the end of each Quarter starting at the end of Quarter 1 and lasting 5 years (so the last payment you receive is at the end of Quarter 20). These payments are an equal series of payments of $2000 for all 20 payment periods. The interest rate is 8% annual rate compounded monthly. What present value P is equal to this series of 20 payments? Answer You make monthly deposits of $2,000 in a bank starting at the end of month 1 and lasting 5 years (the last deposit is at the end of month 60). What is the future value of these deposits right after your last deposit? Assume the nominal annual interest rate is 7% compounded monthly. Answer: You make monthly payments on a loan. What is the effective monthly interest rate for a loan with a 5% nominal annual interest rate if the loan is compounded a) monthly. Answer b) daily. Answer c) continuously