Find I (The Rate Per Period) and N (The Number

question 23

Multiple Choice

Find i (the rate per period) and n (the number of periods) for the loan at the given annual rate.
-Quarterly Payments of $3000 are made for 4 years to repay a loan at 10.2% compounded quarterly.

• A) i = 0.102; n = 16
• B) i = 0.0255; n = 16
• C) i = 0.0255; n = 4
• D) i = 0.006375; n = 4

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Definitions:

Washing Detergent

A chemical substance used to break up and remove dirt and grease from fabrics, commonly in the form of powder or liquid.

Calcium Nitrate

An inorganic compound used as a nitrogen fertilizer in agriculture and also in waste water pre-conditioning for odor emission prevention.

Atoms

The basic units of matter, consisting of a nucleus surrounded by electrons.

Nitrogen

A colorless, odorless, nonmetallic element that makes up about 78% of the Earth's atmosphere and is a constituent of all living tissues.