Math

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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?

  • Math -

    how many quarters are there in a year?

    so the rate per quarter is .... ?

  • Math -

    2%, am i right?

  • Math -

    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 trade-in $ 2,932.00
    Amount to be financed $ 4,692.58
    8% interest for 48 months $ 1,501.63
    MONTHLY PAYMENT $ 129.05

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