# 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?

1. Reiny

how many quarters are there in a year?

so the rate per quarter is .... ?

2. George

2%, am i right?

3. Tanya

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
Amount to be financed \$ 4,692.58
8% interest for 48 months \$ 1,501.63
MONTHLY PAYMENT \$ 129.05

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