a) You have been approved for a $70000 loan toward the purchase of a new home at

a) You have been approved for a $70000 loan toward the purchase of a new home at 15% interest. The mortgage is for 30 years. How much are the approximately annual payments of the loan? Hint: Assume you pay yearly. (Points : 3)i) $7425 ii) $8690 iii) $9203 iv) None of the aboveb) (TCO 3) 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: (Points: 3)i) 9.31% and 17.35% respectively ii) 9% and 17.50% respectively iii) 9.31% and 17.50% respectively iv) 9% and 17.35% respectively