Note: Show how to solve the problems using a BA ll plus calcualtor

Help All changes saved in Drive 5. You are prepared to make monthly payment of $225, beginning at the end of this month, into an account that pays 9 percent interest compounded monthly. What is the effective annual interest rate? How many payments will you have made when your account balance reaches $20,000? 6. You have recently finished your MBA at FSU. Naturally, you are going to purchasea new BMW. The car costs about $30,000. The bank quotes an interest rate of 15 percent APR for a 72-month loan with a 10 percent down payment. What will your monthly payment be? What will the loan balance be when you sell the car two years later from now? Untitled document