A loan requires that 8% interest be compounded quarterly for 5 years. Find the interest rate per...

32. A loan requires that 8% interest be compounded quarterly for 5 years. Find the interest rate per compounding period and the number of compounding periods.
○ The interest rate per compounding period is 1.5%, and the number of compounding periods is 5.
○ The interest rate per compounding period is 2.5%, and the number of compounding periods is 4.
○ The interest rate per compounding period is 2%, and the number of compounding periods is 20.
○ The interest rate per compounding period is 2.5%, and the number of compounding periods is 20.