(1) The problems in this chapter involve new technical difficulties, but there are no new fundamental ideas. Carefully write two solutions to the following problem. These should be at a level appropriate for a fellow interest theory student who has read through Section (4.2) but who has not yet thought about the problem. Fred wishes to repay a loan of X by level payments each quarter of a year. The nominal interest rate is 6.2% convertible monthly. If the payments are not to exceed X/20, how many payments are needed? One of your solutions should include finding the equivalent effective interest rate per quarter, and the other should involve a ratio of annuity symbols. Make sure that you write clearly. Correct grammar is important