A design studio received a loan of $$3,950$ at $5\mathrm{.}70\%$ compounded semi$-$annually to purchase a camera. If they settled the loan in $2$ years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions:

b$.$ What was the size of the interest portion on the first payment?

I mostly need help with how they calculated the periodic interest rate to be $0\mathrm{.}014396$