Math
posted by George .
The annual interest rate on an investment is 8%. What is the quarterly rate?
(a) 1% (b)12% (c) 16% (d)2% (e)3%
Can someone help me figure out the formula for finding out the quarterly rate?

how many quarters are there in a year?
so the rate per quarter is .... ? 
2%, am i right?

A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
List price $ 5,368.00
Options $ 1,625.00
Destination charges $ 200.00
Subtotal $ 7,193.00
Tax $ 431.58
Less tradein $ 2,932.00
Amount to be financed $ 4,692.58
8% interest for 48 months $ 1,501.63
MONTHLY PAYMENT $ 129.05