Compute the periodic rate and interest in the first period for a ​$2,600 loan with 6.5​% APR for the following periodsa. Monthlyb. Daily​ (use a​ non-leap year)c. Quarterly​ (4 times a​ year)d. Biweekly​ (every 2​ weeks)a. The periodic rate is nothing ____​%.​(Type an integer or decimal rounded to three decimal places as​ needed.)

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Asked Jan 27, 2019
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Compute the periodic rate and interest in the first period for a ​$2,600 loan with 6.5​% APR for the following periods

a. Monthly
b. Daily​ (use a​ non-leap year)
c. Quarterly​ (4 times a​ year)
d. Biweekly​ (every 2​ weeks)

a. The periodic rate is nothing ____​%.
​(Type an integer or decimal rounded to three decimal places as​ needed.)

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Expert Answer

Step 1

Given the interest rate per annum for a $2600 loan is 6.5%. We need to compute periodic interest rate per month

 

Step 2

Periodic interest rate is nothing but interest rate per certain period of time. Here let us calculate the periodic interest per month.

Periodic intere...

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