Example $2$: Effect of payment frequency on total payment

Jim needs to borrow $$50,000$ for a business expansion project.

His bank agrees to lend him the money over a $5-$year term at an

APR of $9\%$ and will accept either annual, quarterly, or monthly

payments with no change in the quoted APR. Calculate the

periodic payment under each alternative and compare the total

amount paid each year under each option.