You have been approved for a $70,000 loan toward the purchase of a new home at 12% interest. The mortgage is for 30 years. How much are the approximately annual payments of the loan? Assume you pay yearly. $2613 $8690 $5740 None of the above 2.First Choice Bank pays 9% APR compounded quarterly on its business loans. National Emerald Bank pays 16% APR compounded daily. The EAR for First Choice and National Emerald Bank are:9.31% and 17.35%, respectively 9% and 17.50%, respectively 9.31% and 17.50%, respectively 9% and 17.35%, respectively 3. Computer Parts, Inc. is considering an investment that will have cash flows of $8,000, $7,000 and $4,000 for years 1 through

3. What is the approximate value of this investment today if the appropriate discount rate is 10% per year? (Points : 3) $24,250 $20,900 $16,060 None of the above 4. You deposited $3,000 in your bank account today. An increase in which of the following will increase the future value of your deposit assuming that all interest is reinvested? Assume the interest rate is a positive value. Select all answers that apply: (Points : 4) interest rate initial amount of your deposit frequency of the interest payments length of the investment period 5. (TCO 3) If you borrow $50,000 today at 10% interest for eight years. How much of your first payment will be applied towards the principal of the loan? (Points : 3) $5,000 $4,372 $4,790 zero, all will be applied towards the interest.