Find i (the rate per period) and n (the number of periods) for the following loan...

Question

Question

Find i (the rate per period) and n (the number of periods) for the following loan at the given annual rate. Quarterly payment

Answer 1

Answer #1

Annual Interest Rate = 11.40%

Quarterly Interest Rate = Annual Interest Rate / 4
Quarterly Interest Rate = 11.40% / 4
Quarterly Interest Rate = 2.85%

Time Period in years = 12

Time Period in quarters = 4 * Time Period in years
Time Period in quarters = 4 * 12
Time Period in quarters = 48

Therefore, i = 2.85% and n = 48

Answer 2

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