A firm borrows 12000 from the bank at 8 per annum

Reference no: EM13598463

1. A firm borrows $12,000 from the bank at 8% per annum, compounded semi annually. If no repay merits are made, how much is owed after 4 years.

2. ABC Ltd saves $10,000 in a local back with a compond interest rate of 2% per quarter.
a) What would be in the account at the end of year 2?
b) What is the effective rate for (a) actual percentage rate?

Reference no: EM13598463

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