7. The following formula is used to calculate the interest rate per period o f a loan when the compounding period does not match the payment period. n/p r 11 In this formula,r the rate per payment period, i the annual rate, n the num- ber of compounding periods per year, and p the number of payments per year. a. List the operations involved in evaluating this formula in the order they are completed. b. Use the formula to calculate r when i 7.5%, n 2, and p 12. Write down intermediate calculations as accurately as possible, or use parentheses to enter the entire expression into your calculator at once. Remember that percents must be written as decimals in these types of formulas. Write your final answer as a percent rounded to four decimal places. c. Use the formula to calculate the interest rate per period for a loan if there are 4 payments per year, the annual rate is 8.25%, and there are 12 compounding periods per year. Write your final answer as a places

Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 4.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? 0 Round to the next payment b. How long will it take Jacob to reach his goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period

The principal P is borrowed at a simple interest rate r for a period of time t. Find the loans future value A, or the total amount due ay time t. P= $7000 , r= 4.0%, t= 4 months

A loan of £10,000 is repaid in 5 years with quarterly payments made in arrears. The initial payment is of amount P and subsequent payments increase at the end of every year by 2% p.a. compound. The interest rate is 6% p.a. effective.Find the value of P

A loan of $9600 is repaid in 4 years and 3 months with $587 payments at the end of every three months. What is the nominal annual rate, compounded monthly, on this loan? ( calculate IY) Select one: a.22.530742% b.1.732114% c.0.859342% d.2.579873%