Answer &
Step-by-step explanation:
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A music store marks up the instruments it sells by 30%.
2 answers:
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Answer:
1) 0.5 %
2) 16
Step-by-step explanation:
Since, a year = 12 months,
1 month = year,
1) If the interest is compounded monthly,
Then, the rate per period =
Given, annual rate = 6%,
So, the rate per period = = 0.5%,
2) 1 year = 4 quarters,
If the loan is of 4 year and it is compounded quarterly,
Then, the number of compounding periods = number of years × 4
= 4 × 4
= 16