Question

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

Annual payments of ​$3,600 are made for 12 years to repay a loan at 5.7​% compounded annually.

i=
n=

Answer 1

i = 5.7%

n = 12

Explanation:

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

Annual payments of ​$3,600 are made for 12 years to repay a loan at 5.7​% compounded annually.

Therefore,

i = 5.7%

n = 12

Answer 2

i = 5.7%

n = 12

Explanation:

Compounded annually means once per year. So the rate per period is 5.7%, and the number of periods is 12.