Question: For each statement, identify the compounding period, the payment period, and the type of interest rate (nominal or effective), then express each rate as an

  1. For each statement, identify the compounding period, the payment period, and the type of interest rate (nominal or effective), then express each rate as an effective annual, and monthly rate.

    1. 8% per year

    2. 2.5% per quarter

    3. 8.5% compounded monthly

    4. 6.8% quarterly, compounded monthly

    5. 2% per month, compounded weekly

    6. 1% per week

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