Question: Directions: Choose the best answer. (Keep 4 decimals unless told otherwise.) 1 Villareal Credit Union offers to lend Hannah $35,000 to buy the new jeep;

Directions: Choose the best answer. (Keep 4 decimals unless told otherwise.)

Directions: Choose the best answer. (Keep 4 decimals unless told otherwise.) 1 Villareal Credit Union offers to lend Hannah $35,000 to buy the new jeep; the loan calls for payments of $1,080.70 at the end of each month for 3 years. Which of the following statements is most FALSE? a. The monthly rate of interest is 0.5833 percent. b. The nominal annual rate of interest is 7.0001 percent. The effective annual rate of interest is 7.1235 percent. d. If the loan were for 2 years, the payment would be $1567.04. e. If the loan were for 5 years, the payment would be $693.04

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