What is the intereste rate per cash flow period

Reference no: EM132197969

Question: A total of $70,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring one month after receipt of the $70,000. The stated interest rate is 8.00% compounded quarterly.

a. What is the intereste rate per cash flow period (month)?

b. What monthly payment is required?

Reference no: EM132197969

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