Question $3(2$ points$)$

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Assuming you are required to repay a loan in monthly instalments over five years, at $20\%$ per year, what rate $($i$)$ and period of time $(n)$ would you use to calculate the present value of these cash flows? Select an answer from the four options below:

$20\%($i$)$ and $5($n$)$

$20\%($i$)$ and $60($n$)$

$1\mathrm{.}666667($i$)$ and $5($n$)$

$1\mathrm{.}666667($i$)$ and $60($n$).$