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.)

Question

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.)

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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