You need to calculate the amount of the quarterly payments on a loan. The APR is 12%.

If interest is compounded monthly, the EQR will be [ Select ] ["greater than 3%", "exactly 3%", "less than 3%"] .

If interest is compounded quarterly, the EQR will be [ Select ] ["greater than 3%", "exactly 3%", "less than 3%"] .

If interest is compounded semiannually, the EQR will be [ Select ] ["exactly 3%", "less than 3%", "greater than 3%"] .