Question 3 You plan to buy an apartment for $300,000, but you have only $8.000 in cash. The bank will loan you the rest at the annual interest rate of 12%, with the payments spread over 30 years. Find your yearly payments. (6 marks) Question 4 You want to buy a piece of land for $12,000 cash. The owner would allow you to pay for it in six annual installments of $2300 each. Which method is cheaper for you if the discount rate is 12%? (6 marks)