Question: HELP PLEASE ! You plan to borrow $38,300 at an 8.5% annual interest rate. The terms require you to amortize the loan with 7 equal

HELP PLEASE !

You plan to borrow $38,300 at an 8.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of payments. How much interest would you be paying in Year 2? a. $6,896,44 b. $3,255.50 c. $2,896,19 d. $7,482.64 e. $2.946.02 Charter Bank pays a 9.70% nominal rate on deposits, with monthly compounding. What effective annual rate (EFF % ) does the bank pay? a. 10.14% b. 9.94% c. 9.70% d. 10,06% e. 10.02%

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