Open an Access database from Windows Explorer. In Windows Explorer, navigate to the drive or folder containing the Access database file you want to open and double-click the database. Access starts and the database is opened.
Calculate the effective interest rate per period given the nominal interest rate per period and the number of compounding intervals per period.
Rate of interest R = I / PT, where I is the interest, P is the principal amount, T is the interest period, and R is the rate of interest. Rate of interest can be annual, half yearly, or quarterly according to the deal made. Jerald borrowed $4,000 from a bank for a period of 4 years at 4% rate of interest per annum.