Question: 7. 8. A loan is written at j = 9.5% where payments are to be made at the first of each month and funds

7. 8. A loan is written at j = 9.5% where payments are to be made at the first of each month and funds are advanced on June 10. The first payment is due on August 1, after the first full calendar month (July) of the contract. What is the interest adjustment period? (1) 51 days (2) 22 days (3) 20 days (4) 21 days What is the daily periodic rate (ia) that is equivalent to 8.75% per annum, compounded quarterly?

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