Harleen has deposited​ $125 at the end of each month for 13 years at​ 4.68% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying​ $890 every three months for nine years. What is the nominal annual rate of​ interest, compounded​ quarterly, paid by the​ annuity?

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.