Armstrong Fisheries took out a $400,000 loan. Clyde Armstrong wants to know the semiannual payment for the next 10 years at the loan interest rate of 8% per year compounded quarterly. 1 Construct the cash flow diagram and indicate the compounding period and payment period. What is the compounding frequency for the quoted loan rate? 2 What are the effective interest rate and n value that must be in the (A/P,i%,n) factor to find the semiannual payment? A sum of $120,000 now at an interest rate of 10% per year compounded semiannually is equivalent to how much money 6 years ago? Solve using tabulated factors in two ways: using the effective annual rate and the effective semiannual rate.