Question

Maruti Motors, Inc., receives a one-year note that carries a 12 percent annual interest rate on $3,000 for the sale of a used car. Compute the maturity value under each of the following assumptions:
(1) Simple interest is charged.
(2) The interest is compounded semiannually.
(3) The interest is compounded quarterly. (Round to the nearest cent.)



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  • CreatedMarch 26, 2014
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